The Smarter Web Company’s preferred shares, trading under the ticker MORE, began trading on the London Stock Exchange’s Main Market at 8:00 a.m. UK time on October 14. The company describes the instrument as the UK’s first Bitcoin-backed preferred share.
MORE carries an initial dividend rate of 12% per annum, calculated on a £100 reference amount and scheduled for weekly payment. The company’s reported first weekly dividend is £0.2301 per share. The shares were issued at £90 each under ISIN GB00C0HJ0D12. Because the annualized dividend is calculated against a £100 reference amount rather than the £90 issue price, the initial running yield for subscribers at issue price is approximately 13.3%, assuming the annualized dividend remains at £12 and is paid in full.
The dividend is not guaranteed. The rate is variable, and the board can suspend payments under the instrument’s terms. The 12% rate is therefore an initial annualized rate, not a fixed return. As a preferred instrument, MORE ranks ahead of ordinary shares for income, subject to its terms, but carries no voting rights. It is classified in the London Stock Exchange Official List’s non-equity category under the FCA’s POATR regime. The company’s ordinary shares continue to trade under SWC, with TSWCF on the OTCQB and 3M8 in Frankfurt.
In early first-day trading, MORE changed hands at £95.00 (9,500 pence), approximately 5.6% above the £90 issue price, according to London Stock Exchange market data as of 12:57 BST on October 14. The data was delayed by at least 15 minutes. The displayed bid and offer were £90.00 and £100.00, respectively, indicating a wide spread at the time of the snapshot. At £95, the indicative annualized running yield is approximately 12.6%, based on a £12 annualized dividend. This is not a guaranteed return and excludes any change in the share price or any suspended or unpaid dividends.
A smaller raise than targeted
The listing marks a new funding route for the company, although the amount raised fell short of its original target. The offer raised £10 million on a conditional basis, below the £15 million to £25 million the company targeted when it announced the plan in September. Net proceeds were estimated at approximately £8.35 million after expenses.
Of the net proceeds, roughly £4 million is earmarked for additional Bitcoin purchases, around £3.85 million for working capital and dividend reserves, and £0.5 million for the operating business, according to the company’s offering disclosures.
The allocation means that a substantial portion of the net proceeds is intended to fund further Bitcoin purchases. The dividend-paying instrument therefore gives investors exposure to a company whose treasury strategy is closely tied to Bitcoin, while leaving them exposed to the instrument’s payment terms and the issuer’s financial position.
The Bitcoin treasury behind MORE
As of September 30, 2026, Smarter Web held 2,747 BTC at a reported net average cost of approximately £82,562 per coin. The company describes this as the largest Bitcoin treasury held by a UK public company.
The reported holding was down from 2,878 BTC at the end of June. The figures show that the company’s Bitcoin balance changed during the quarter, although the balance alone does not establish the reasons for that movement. Investors assessing the preferred shares should consider both the size and volatility of the treasury, alongside the company’s ability to meet its dividend obligations under the instrument’s terms.
The company plans to use part of MORE’s net proceeds to buy additional Bitcoin, potentially increasing its holdings. That allocation also means that part of the capital raised through the preferred shares will be exposed to the price movements of the asset the company is accumulating.
A UK first, following a US precedent
Chief executive Andrew Webley described the instrument as a potential national first, saying: “We believe it will be the first preferred share of its kind in the UK.” The “UK first” description should therefore be understood as the company’s characterization of the product.
The structure follows a broader trend in Bitcoin-treasury financing. In the United States, Strategy has issued preferred securities with different dividend structures to raise capital alongside its Bitcoin accumulation strategy. These instruments provide an alternative to issuing ordinary shares or taking on conventional debt, but their specific payment terms and risks vary.
Smarter Web’s MORE shares bring a similar approach to the London Stock Exchange Main Market. According to Orrick’s overview of the offering, Strand Hanson acted as sole financial adviser, with Orrick advising the adviser.
The appeal for investors is the initial double-digit annualized dividend rate and the weekly payment schedule. However, the variable rate, the possibility of suspended payments, the smaller-than-targeted raise and the company’s Bitcoin exposure are material considerations. The instrument is not equivalent to a government bond or a guaranteed income product.
MORE and SWC share prices
MORE was issued at £90 per share and was quoted at £95.00 in the London Stock Exchange’s early-afternoon snapshot on October 14. The quote represented a premium to the issue price, although the displayed £90.00 bid and £100.00 offer reflected a wide spread at that time. A single early trading snapshot is not enough to establish sustained demand or price stability.
The ordinary shares had a weaker session. SWC traded at 53.78 pence, down approximately 4.41%, or 2.48 pence, with a market capitalization of roughly £202 million, according to London Stock Exchange data. These figures were also delayed by at least 15 minutes.
The difference between the early MORE quote and the ordinary-share movement is a first-day observation, not evidence of a lasting divergence in investor sentiment. Both quotes should be refreshed before publication because market prices can change.
Why MORE matters
MORE represents an attempt to package Bitcoin-treasury exposure into a preferred-share instrument for UK market participants. Its listing expands the range of financing structures available to public companies seeking capital for Bitcoin purchases.
The £10 million raise came in below the company’s £15 million to £25 million target, and the initial 12% annualized dividend is variable and may be suspended. Investors must also account for the possibility that Bitcoin price movements and changes in the company’s financial position could affect the broader risk profile of the instrument. The dividend rate alone does not establish the safety of the investment.
For the wider crypto market, the listing is another example of Bitcoin-treasury companies using capital-market instruments beyond ordinary shares. Whether the structure attracts further issuers will depend in part on investor demand, the terms offered and how the instrument trades over time.
The Crypto Times does not offer a view on whether to buy MORE.
Also read: Strategy’s Michael Saylor Sees Bitcoin Price Returning Above $100K as Digital Credit Expands
