Smarter Web Completes £10 Million Preferred-Share Offering

The Smarter Web Company completed a £10 million preferred-share offering that will fund additional Bitcoin (BTC) purchases and operating expenses as its MORE shares prepare to begin trading in London.

The shares are scheduled to start trading on the London Stock Exchange’s Main Market under the ticker MORE at 3 a.m. ET (0700 UTC) Wednesday, Oct. 14. The offering cleared the £10 million minimum required for the IPO to proceed, although it fell £5 million below the lower end of the company’s prospectus target.

Retail investors supplied £7.6 million, while institutional investors contributed £2.4 million. Net proceeds are expected to total about £8.3 million after expenses.

The company plans to use about £3.85 million for working capital and general costs, including dividend reserves. Another £4 million is earmarked for additional Bitcoin purchases, while £500,000 will support its operating business.

Smarter Web will issue 111,112 preferred shares at £90 each. A further 100,000 shares will be available through an at-the-market facility held by or on behalf of Tennyson Capital.

MORE shares do not carry voting rights at shareholder meetings. Their cumulative, variable dividend starts at an annual rate of 12% based on £100, with unpaid distributions carried forward. The first weekly payment is set at £0.2301 per share and is due by Nov. 9 to investors recorded as holders on Oct. 23.

The company previously won shareholder approval for MORE, before the shares had launched.

Chief Executive Andrew Webley said the fundraising result was below the company’s target and described institutional demand as disappointing. He also said MORE would be the first preferred share from a Bitcoin treasury company to list on a main market outside the United States.

The company began operating as a public company in April 2025 after raising £2.1 million. Webley said it now holds 2,747 BTC and is the United Kingdom’s largest public Bitcoin treasury company.