Smarter Web to launch UK's first Bitcoin-firm preferred shares

The Smarter Web Company, the largest listed Bitcoin treasury holder in the United Kingdom, has announced plans to launch a new class of preferred shares on the London Stock Exchange. The new shares, titled ‘MORE’, represent the first such offering by a British corporate Bitcoin holder.

The company aims to raise between £15 million and £25 million in gross proceeds. These non-voting preferred shares are designed as a fixed-income-style claim, providing investors with exposure to a Bitcoin balance sheet without requiring the purchase of the cryptocurrency itself or the firm’s common stock. The shares will feature a ‘cumulative variable rate weekly preferential dividend’ and a liquidation preference.

Following the announcement, the company’s stock saw a gain of over 15%. To fund the dividend payments, directors identified four potential routes: operating cash flow, cash reserves, the Bitcoin treasury, and future sales of ordinary or preferred stock. The company also intends to utilize an at-the-market facility managed by Tennyson Capital Partners to sell additional preferred shares over time.