Bristol-based web design firm The Smarter Web Company (LSE: SWC) has achieved a first for a UK-listed entity, securing shareholder approval on September 28 to introduce a novel class of perpetual preferred shares. These shares are uniquely backed by the company’s corporate Bitcoin treasury, marking the debut of such an instrument on the London Stock Exchange.
The shareholder vote was overwhelmingly in favour, with over 99.8% approving the resolutions, reflecting near-unanimous consent in corporate governance.
The new preferred shares, set to trade under the ticker MORE, aim to raise between £15 million and £25 million, with a minimum target of £10 million. The proceeds will be allocated to bolstering the company’s Bitcoin holdings. These shares will feature a cumulative variable-rate preferential dividend, ensuring that any missed payments accrue rather than being forfeited. In the event of liquidation, they will rank above ordinary shares. Notably, these preferred shares will not carry voting rights.
The official launch of this instrument remains contingent upon approval from the Financial Conduct Authority (FCA) and prevailing market conditions.
Earlier this year, the company completed a significant financial restructuring. In June 2026, shareholders sanctioned a £210 million share premium reduction, which subsequently freed up approximately £132.5 million in distributable reserves. This move has provided the company with the necessary balance-sheet flexibility to make credible dividend commitments for the new preferred share class.
The Smarter Web Company currently holds around 2,878 BTC, establishing it as the largest publicly disclosed Bitcoin treasury among companies listed in the UK. This substantial holding is notable for a firm whose primary business is web design and digital marketing. However, the company has been strategically pivoting towards a Bitcoin accumulation strategy, which it terms its “10-Year Plan.”
Analysts at TD Cowen have taken notice of the development. Following the announcement, the firm revised its price target for SWC shares upwards to £0.73 from £0.64, reiterating a “Buy” rating. This new target suggests a potential upside of approximately 90% from the stock’s trading price at the time of the analyst note.
The primary challenge ahead lies in execution. FCA approval is not guaranteed, the fundraising effort must meet its £10 million minimum threshold, and the inherent volatility of Bitcoin’s price could rapidly alter the financial dynamics of a variable-rate preferred dividend tied to a BTC treasury. Investors in MORE will be exposed to a multifaceted risk profile, encompassing credit risk associated with the company, Bitcoin price risk via the treasury, and liquidity risk inherent in a relatively small LSE-listed instrument.
