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3 clusters · 8 sources · 31 days · First seen · Last updated

Smarter Web Company completes £10M Bitcoin-backed share sale

Overview

The Smarter Web Company, the largest listed Bitcoin treasury holder in the United Kingdom, has completed a £10 million offering of its ‘MORE’ non-voting preferred shares. While the offering met the minimum requirement to proceed, the total fell below the company’s initial target range of £15 million to £25 million.

Of the £10 million raised, retail investors contributed £7.6 million and institutional investors provided £2.4 million. Chief Executive Andrew Webley noted that institutional demand was “disappointing.” After expenses, the company expects net proceeds of approximately £8.3 million. These funds are allocated toward £4 million for additional Bitcoin purchases, £500,000 for business growth, and approximately £3.85 million for working capital and general corporate purposes, including dividend reserves.

The MORE shares, which are scheduled for admission to the London Stock Exchange on October 14, feature a cumulative variable dividend starting at an annual rate of 12%. The first weekly dividend is expected by November 9. This instrument marks the first time preferred shares from a Bitcoin treasury company have listed on a main market outside the United States.

The company’s Bitcoin holdings currently stand at 2,747 BTC, supporting its ongoing ‘10-Year Plan’ for Bitcoin accumulation.

Entities

London Stock Exchange · Financial Conduct Authority · The Smarter Web Company PLC · The Smarter Web Company · Bitcoin

Timeline

  1. [BUSINESS] 2 sources
    The Smarter Web Company PLC completes £10M preferred-share offering

    The Smarter Web Company PLC raised £10 million through a preferred-share offering to fund Bitcoin purchases and operations, though the result fell below its initial £15 million–£25 million target.

  2. [BUSINESS] 3 sources
    The Smarter Web Company approved to launch UK Bitcoin-backed preferred shares

    The Smarter Web Company secured shareholder approval to launch the UK's first Bitcoin-backed preferred shares on the London Stock Exchange to expand its corporate BTC treasury.

  3. [BUSINESS] 3 sources
    Smarter Web to launch UK's first Bitcoin-firm preferred shares

    The Smarter Web Company plans to launch the UK's first Bitcoin-firm preferred share listing on the London Stock Exchange, aiming to raise up to £25 million.

Sources

bitcoinethereumnews.com · blockonomi.com · coincu.com · cryptobriefing.com · cryptopolitan.com · mugglehead.com · proactiveinvestors.co.uk · tokenpost.com

This summary has been updated 1 time: see revision history