The Smarter Web Company PLC, a Bristol-based web design firm, has filed plans to list what could become the UK's first pounds-sterling-denominated preferred stock backed by a Bitcoin treasury. The company aims to issue preferred shares under the ticker 'MORE' on the London Stock Exchange Main Market, with a target raise of £15 to £25 million and a minimum threshold of £10 million.
The offering requires approval from the Financial Conduct Authority and would mark a notable first for UK capital markets: a listed perpetual preferred share explicitly backed by corporate Bitcoin holdings.
From Web Services to Bitcoin Treasury
The Smarter Web Company began operating in 2009 as a web design agency. It started accepting Bitcoin payments in 2022 and went public through a reverse takeover listing on the Aquis Exchange in April 2025. The company uplisted to the LSE Main Market in February 2026, gaining access to a broader pool of institutional capital.
The firm adopted a formal Bitcoin treasury policy in 2025. As of mid-2026, it holds approximately 2,878 BTC on its balance sheet. CEO Andrew Webley has described the company as a dual-engine operation: a cash-generating web services business paired with systematic Bitcoin accumulation as its principal treasury asset.
Preferred Share Structure and Dividend Funding
The 'MORE' preferred shares are designed to carry a variable-rate preferential dividend but will not include voting rights. To support dividend payments, the company required distributable reserves under UK company law.
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 designated for preferred share dividends.
Webley noted that the company could fund dividend payments through multiple channels: operating cash flows from web services, the newly created reserves, its Bitcoin treasury, and future capital markets activity.
Corporate Bitcoin Treasury Trend
The Smarter Web Company is not the first public company to build its strategy around Bitcoin accumulation. MicroStrategy, now rebranded as Strategy, pioneered the corporate Bitcoin treasury model beginning in 2020. Japanese firms including Metaplanet have followed, as have smaller US-listed companies.
What distinguishes this case is the geography and instrument type. The UK has been notably more cautious than the US or Japan in embracing crypto-linked financial products on major exchanges. A BTC-backed preferred stock on the LSE Main Market, denominated in pounds sterling, would represent a new investment vehicle category for British and European investors. The perpetual preferred share structure with variable dividends offers a different risk profile than common equity, potentially appealing to investors seeking Bitcoin exposure through a company balance sheet.
