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A web design company from Bristol just filed what could become the UK’s first pounds-sterling-denominated preferred stock backed by a Bitcoin treasury. The Smarter Web Company PLC announced plans to IPO a new class of preferred shares under the ticker ‘MORE’ on the London Stock Exchange Main Market, targeting gross proceeds of £15 to £25 million.
The minimum raise required to move forward sits at £10 million. If it clears that bar, plus regulatory approval from the Financial Conduct Authority, the offering would mark a notable first for the UK capital markets: a listed perpetual preferred share explicitly underpinned by corporate Bitcoin holdings.
From web design to Bitcoin treasury
The Smarter Web Company started life in 2009 as a straightforward web design agency. It began accepting Bitcoin payments in 2022, which in hindsight looks like the first domino in a much larger strategic pivot.
The company went public through a reverse takeover IPO on the Aquis Exchange in April 2025. By February 2026, it had uplisted to the LSE Main Market, a move that gave it access to a far deeper pool of institutional capital.
The company adopted a formal Bitcoin treasury policy in 2025, and as of mid-2026 reporting, it holds approximately 2,878 BTC on its balance sheet. At recent prices, that stash is worth roughly $178 to $181 million.
CEO Andrew Webley has framed the company’s identity as a dual-engine operation: cash-generating web services on one side, systematic Bitcoin accumulation as the principal treasury asset on the other.
How the preferred shares work
The ‘MORE’ preferred shares are designed to carry a variable-rate preferential dividend along with other associated rights, though they will not include voting rights.
To make those dividend payments legally possible, The Smarter Web Company needed distributable reserves. UK company law is particular about this: you can’t pay dividends out of share premium without court approval.
Shareholders voted on June 17, 2026, to approve a £210 million reduction in the company’s share premium account. The High Court confirmed the reduction in July 2026, unlocking approximately £132.5 million in distributable reserves earmarked for dividend obligations on the preferred shares.
Webley noted that the company could fund those dividends through multiple channels: operating cash flows from the web business, the newly created reserves, its Bitcoin treasury, and future capital markets activity.
The IPO still requires FCA approval, and no formal prospectus or launch date has been announced.
The MicroStrategy effect crosses the Atlantic
The Smarter Web Company is far from the first public company to build its identity around Bitcoin accumulation. MicroStrategy, now rebranded as Strategy, pioneered the corporate Bitcoin treasury model starting in 2020. Japanese firms like Metaplanet have followed suit, and a growing roster of smaller public companies across the US have adopted variations of the same approach.
What makes this case different is the geography and the instrument. The UK has been notably more cautious than the US or Japan in embracing crypto-linked financial products on its major exchanges. A BTC-backed preferred stock listed on the LSE Main Market, denominated in pounds sterling, would represent a new category of investment vehicle for British and European investors.
The preferred share structure itself is an interesting wrinkle. Most Bitcoin treasury companies have relied on common equity raises or convertible debt to fund their purchases. A perpetual preferred share with a variable dividend offers something closer to a fixed-income product, theoretically appealing to investors who want exposure to Bitcoin’s upside potential through a company’s balance sheet without the full volatility of common equity.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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