The Smarter Web Company gets shareholder go-ahead for UK’s first BTC-backed preferred stock

A small Bristol web design company just did something no UK-listed firm has done before. The Smarter Web Company (LSE: SWC) received shareholder approval on September 28 to launch a new class of perpetual preferred shares explicitly backed by a corporate Bitcoin treasury, the first instrument of its kind listed on the London Stock Exchange. The vote was about as close to unanimous as corporate governance gets: over 99.8% of shareholders approved the resolutions. What the deal actually looks like The new preferred shares will trade under the ticker MORE. The company is targeting a raise of between £15 million and £25 million, with a floor of £10 million, using the proceeds to expand its Bitcoin holdings. The shares will carry a cumulative variable-rate preferential dividend, meaning unpaid dividends stack up rather than disappear, and they sit above ordinary shares in the liquidation queue. They carry no voting rights. The instrument is still contingent on Financial Conduct Authority approval and broader market conditions before it officially launches. The company also cleared a significant piece of financial groundwork earlier this year. In June 2026, shareholders approved a £210 m...