Smarter Web Company, the UK-based digital services business with Bitcoin as its main treasure asset, has raised £10 million through an initial public offering (IPO) of its new MORE preferred shares. The company reported the results on October 12, 2026. The shares are scheduled to begin trading on the London Stock Exchange (LSE) on October 14 under the ticker MORE.
The amount raised is sufficient only for the minimal requirement for the offering, but less than the company’s target of £15 million to £25 million. The company is expected to receive around £8.35 million net of expenses.
This is a proud moment for Smarter Web. Today we announce the results of the institutional offer and retail offer in the MORE IPO, raising £10 million.
I am especially proud that we are listing MORE in London, with the first weekly dividend paid by a London-listed commercial company. We are demonstrating that the UK can lead in financial innovation and that the UK capital markets remain open for business.
We set £10 million as the minimum for the IPO to proceed, and we have achieved that, even with the constraints under UK financial promotion rules on what we could communicate during the offer, and with little traditional media coverage.
Approximately 75% of the investment has come from retail investors and this retail participation is something I am also proud of.
Today we also announced the 3rd update in as many weeks on the Ordinary Shares ATM, raising a total of £4.6m across the 3 weeks.
With the introduction of our Preferred Shares alongside our existing Ordinary Shares, we now have two distinct equities offering investors different ways to participate in the potential future success of Smarter Web. MORE will begin trading on the Main Market of the London Stock Exchange on Wednesday.
I know £10 million is at the lower range of what we were targeting, and I won’t pretend otherwise. But perspective matters. The Bitcoin treasury sector is still young, particularly in the UK. This is the first preferred share, from a Bitcoin treasury company, listed on a main market, outside of the US. Institutional investor demand was disappointing, with a number that we thought would participate then deciding not to, but many have said they want to see how it trades and could participate as it grows in size.
We have been here before. Smarter Web started as a public company in April 2025 with a fundraise totalling £2.1 million. We quickly grew to become the largest public company Bitcoin treasury in the UK and today are in the top 30 globally.
I look forward to building on this milestone, growing our business and expanding on the understanding of both SWC and MORE.
LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8
— Andrew Webley (@asjwebley) October 12, 2026
The company raised £7.6 million from retail investors and £2.4 million from institutional investors. Thus, individual investors have provided the company with about 76% of the money. Retail investors could join via a network of financial intermediaries, with a minimum investment of £500.
Smarter Web will issue 111,112 preferred shares at £90 each through the IPO. Another 100,000 preferred shares will be issued through an at-the-market facility held by or on behalf of Tennyson Capital Partners LLP. This will bring the total number of preferred shares to 211,112. At-the-market facility enables a company to sell shares gradually at prevailing market prices.
Source: investegate.co.uk
The company has also revealed how it will use the money. Around £3.85 million or 46% of the expected net proceeds will be used for working capital and general corporate purposes, primarily to build cash reserves for dividend payments. Another £4 million or about 48% would be used for further Bitcoin purchases. The remaining £500,000 or about 6% will be used to support the operating business.
MORE is a perpetual preferred share, meaning that it has no fixed maturity date. It has no voting rights at general meetings but offers a cumulative variable-rate dividend, initially set at 12% a year on a reference amount of £100 per share. At the issue price of £90, this would be a running yield of around 13.3%, if the rate is not changed. However, dividend payments can be suspended by the company’s board.
The first weekly dividend has been set at £0.2301 per share. The ex-dividend date is October 22, the record date is October 23, and payment is expected by November 9, 2026.
Smarter Web held 2,747 Bitcoin as of September 30, down from 2,878 BTC at the end of June. The reduction mainly followed the sale of Bitcoin to repay its Smarter Convert instrument early. During the quarter, the company also reduced borrowings under its Coinbase credit facility from around £20.8 million to £19 million.
The offering is also significant for the UK market. According to the company’s announcement and its legal adviser, it is the first preferred-share IPO in the relevant category under the Financial Conduct Authority’s new prospectus regime, which came into effect in January 2026.
The successful minimum fundraising provides Smarter Web with new capital for its Bitcoin treasure and business operations. However, the lower-than-targeted amount will require the company to carefully manage its available funds, particularly given the new preferred shares’ dividend commitments.
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