The Smarter Web Company PLC (LSE: SWC), a UK-listed digital services group that holds Bitcoin as its primary treasury reserve asset, announced on 11 September 2026 that it is preparing a possible initial public offering of a new class of perpetual preferred shares on the Main Market of the London Stock Exchange. The company is targeting gross proceeds of between £15 million and £25 million, with a minimum raise of £10 million required for the listing to proceed.
The Proposed “MORE” Preferred Shares
The new securities, reserved under the ticker “MORE,” would carry a cumulative variable-rate weekly preferential dividend, a liquidation preference and a redemption right held by the company, but no voting rights at shareholder meetings. A circular convening a general meeting of ordinary shareholders has been posted for 28 September 2026 at 10:00 a.m., where resolutions will be put forward to authorise the creation of the share class. The company cautions that there is “no guarantee that Preferred Shares will be issued or that the Company will proceed with the Possible IPO or Admission,” which remains subject to Financial Conduct Authority approval of a prospectus.
A Bitcoin Treasury Behind the Raise
The company serves more than 500 clients through web design, development and digital marketing, and pairs the acquisition of cash-generative businesses with a Bitcoin treasury policy. Its ordinary shares trade on the Main Market under the ticker SWC and on the OTCQB Venture Market in the U.S. under TSWCF. The company lists recurring operating cash flows, substantial cash reserves, its Bitcoin treasury and access to public capital markets as potential sources from which the preferred share dividend could be met. Chief executive Andrew Webley described the proposed shares as “the first of their kind in the UK: a pounds sterling-denominated, London Stock Exchange Main Market-listed perpetual preferred share issued by a UK-incorporated commercial company with a Bitcoin treasury strategy.”
Preferred Capital and the Bitcoin Treasury Trend
The move extends a pattern in which Bitcoin treasury companies tap preferred equity to raise long-term capital without diluting ordinary shareholders. Strategy, the largest corporate Bitcoin holder, has issued multiple series of perpetual preferred stock to fund its Bitcoin strategy. The Smarter Web Company says the proceeds would support acquisitions of revenue-generating businesses, working capital and its broader goal of growing Bitcoin per share over time.
