Smarter Web Company shareholders clear path for UK Bitcoin backed preferred shares
Sep 29, 2026
The Smarter Web Company has secured shareholder approval for the resolutions needed to create its proposed MORE perpetual preferred shares, clearing a key condition for a possible listing on the London Stock Exchange Main Market.
According to the company’s Sept. 28 general meeting results, shareholders approved all three resolutions covering changes to its articles of association, authority to allot preferred shares and permission for the company to make market purchases of the securities.
MORE preferred shares target up to £25 million
The shareholder vote follows The Smarter Web Company’s Sept. 11 proposal for a possible IPO of MORE, a new class of perpetual preferred shares intended for admission to the non equity shares and non voting equity shares category of the Official List.
Under the proposed structure, the company plans to seek between £15 million and £25 million in gross proceeds by offering the securities to institutional investors in the UK and eligible UK retail investors through participating brokers, wealth managers and investment platforms.
Final terms have not been set. The Smarter Web Company said details of the securities and arrangements for the retail offering would be provided through a confirmation of intention to float announcement or the prospectus if the transaction proceeds.
CEO Andrew Webley said when the plan was announced that, subject to the required approvals and completion of the offering, the company expects MORE to be the first sterling denominated perpetual preferred share listed on the LSE Main Market by a UK incorporated commercial company pursuing a Bitcoin treasury strategy.
Smarter Web sees MORE as another source of capital
The proposed preferred shares would give the company another financing route as it continues operating a balance sheet centered on Bitcoin.
As crypto.news previously reported, TD Cowen analysts said earlier in September that MORE could provide another source of long term capital alongside the financing options already available to the company.
Bitcoin treasury remains part of the funding structure
Smarter Web resumed Bitcoin purchases shortly after repaying the convertible instrument, buying 11.89 BTC in August and taking its treasury to 2,712 BTC. The 11.89 BTC purchase cost £559,493 at an average price of £47,052 per Bitcoin.
A further 35 BTC purchase on Sept. 2 lifted its holdings to 2,747 BTC. The company paid an average £57,494 per Bitcoin for the purchase, spending just over £2 million. Its net average acquisition price stood at £82,562 per BTC following the transaction, while net Bitcoin purchases totaled approximately £226.8 million.
Bitcoin remains the company’s primary treasury reserve asset under its long term 10 Year Plan. Management has said the treasury policy is intended to support the company’s capital position while seeking to raise Bitcoin per ordinary share over time.
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