Key takeaways

  • Smarter Web Company raised £10 million ($13.2 million) in an initial public offering of preferred shares, £5 million ($6.6 million) below its prospectus range.
  • Retail investors supplied £7.6 million ($10 million), about 75% of the total; institutional demand was weaker than expected.
  • The new shares give no vote but carry a cumulative variable weekly dividend starting at 12% a year on £100 ($132), while proceeds fund Bitcoin, working capital and operations.

What happened

Smarter Web Company's preferred shares begin trading on the London Stock Exchange's Main Market under ticker MORE at 8:00 a.m. on Wednesday, October 14, after the IPO raised £10 million ($13.2 million). The total is £5 million ($6.6 million) below the bottom range in the prospectus, a shortfall CEO Andrew Webley acknowledged.

Institutional investors took £2.4 million, just over $3.1 million, and retail investors took £7.6 million ($10 million), roughly 75% of the total. Net proceeds after expenses are about £8.3 million, nearly $11 million at current rates. Webley wrote on X that the £10 million figure was at a lower range of what the company was targeting, and that he would not pretend otherwise. He said institutional demand was disappointing because several expected participants decided against taking part, though many want to see how the shares trade and could join as the issue grows.

UK financial promotion rules limited communication during the offer, and traditional media coverage was thin. The raise still cleared the £10 million minimum required to proceed. Webley called the listing a proud moment and said the company believes MORE will pay the first weekly dividend by a London-listed commercial firm; on X he described MORE as the first preferred share from a Bitcoin treasury company on a main market outside the US.

The company will issue 111,112 preferred shares at £90 each ($119), with another 100,000 shares in an at-the-market facility that sells new shares gradually, held by or on behalf of Tennyson Capital.

Preferred holders have no vote but receive a cumulative, variable weekly dividend starting at 12% a year on £100 ($132). Missed payments carry forward, and the board can adjust the rate within prospectus limits. The first payment is £0.2301 per share, $0.30, payable by November 9 at the latest to holders on the October 23 record date. Because the total is below £15 million, net proceeds will follow the prospectus priority order: about £3.85 million, just over $5 million, for working capital and general costs including dividend reserves; £4 million for more Bitcoin; and £500,000, $661,000, for operations.

Market context

The company began as a public company in April 2025 with a £2.1 million fundraise. Webley says it has since become the UK's largest public Bitcoin treasury company, holding 2,747 BTC worth around $229 million, and ranks 29th in the global top 30. Preferred shares add a financing route separate from ordinary equity: they can supply cash for Bitcoin accumulation and dividend payments without voting control.

As CryptoPotato reported earlier this month, Webley told Bitcoin advocate Stephen Livera that treasury companies amplify BTC’s price swings, which investors welcome on the way up and dislike on the way down. He also cited management risk, saying capital structure choices that allow faster growth could come at shareholders’ expense, while the cryptocurrency itself has no management.

Why it matters

The split between £2.4 million institutional and £7.6 million retail shows the raise depended more on public investors than on the institutional demand the company had expected. That does not stop the listing, but it means the immediate funding is closer to the minimum required than to the prospectus range.

The dividend structure changes the risk profile. A 12% annual rate starting on £100 ($132), paid weekly, is cumulative and variable, and holders cannot vote. The company must fund payments from reserves, Bitcoin-related income or future issuance. If BTC prices fall or liquidity tightens, the board's adjustment limits and cash reserves become central.

The at-the-market facility adds a longer-term consideration. Selling up to 100,000 additional shares gradually can raise capital over time, but it may expand the share count. For existing holders, that matters because dilution and dividend coverage are tied to how much new Bitcoin the company can acquire and how BTC prices move afterward.

What to watch

Early trading in MORE will indicate whether the retail-heavy result stabilizes near the £90 ($119) issue price or reflects Bitcoin-linked equity volatility. The November 9 dividend deadline for holders on the October 23 record date is the first practical test of the company's ability to start its weekly dividend commitment.

Proceeds allocation is another signal. The £4 million earmarked for Bitcoin, £3.85 million for working capital and dividend reserves, and £500,000 for operations show the balance between treasury growth and cash coverage. Changes to the variable dividend rate within prospectus limits, or the pace of at-the-market issuance, will reveal how management responds to market conditions.

The listing's durability depends on how BTC volatility, institutional appetite and capital allocation interact with a structure that offers income but no voting rights.