Smarter Web proposes £15 million–£25 million preferred-share IPO

The Smarter Web Company proposed raising £15 million to £25 million through a new class of sterling preferred shares, expanding the financing options available to a London-listed company pursuing a bitcoin treasury strategy.

The plan was announced on September 11, 2026. Coinburn is publishing this missed-edition recovery now but limits the report to information available by the September 14 open. At that cutoff, the shares did not exist, no prospectus had been approved and no offering had been completed.

A proposal with several gates

Smarter Web reserved the ticker MORE and said it intended to seek a Main Market listing on the London Stock Exchange. Its September 11 regulatory announcement described a possible offering to UK institutional investors and a separate UK retail offer distributed through participating brokers, wealth managers and investment platforms.

The company set a £10 million minimum raise. It also said admission would require at least three registered market makers and at least 50% of the preferred shares to be held in public hands. Failure to meet any of those conditions would stop the proposed IPO.

Shareholders were scheduled to vote on September 28 on resolutions needed to create and allot the new share class. The Financial Conduct Authority would separately need to approve a prospectus. Those were prospective steps as of September 14, not completed approvals.

The company said proceeds could support acquisitions of operating businesses, general working capital and its broader corporate strategy alongside the bitcoin treasury. The announcement did not commit all proceeds—or any specified portion—to bitcoin purchases.

What the proposed security would provide

Draft articles published on September 11 described MORE as a non-voting preferred share with cumulative, variable-rate dividends calculated against a £100 reference amount. Dividends would accrue daily and ordinarily be paid weekly in arrears.

The board would set and could vary the annualized dividend rate. Under the draft terms, it could not exceed 20% of the £100 reference amount or fall below the Bank of England base rate plus one percentage point. Those parameters were proposed constitutional terms, not a finalized offering yield or evidence that any dividend had been earned or paid.

Unpaid dividends would accumulate without compounding interest. The company could defer payment, and the draft stated that a preferred dividend would not become a debt owed to shareholders. While arrears remained, restrictions would apply to later distributions, ordinary-share dividends and most ordinary-share buybacks.

The proposed shares would rank ahead of ordinary shares in a liquidation, with a £100 preference plus accrued unpaid dividends, subject to available assets. Smarter Web—not investors—would hold the redemption option. The draft set the redemption payment at £110 per share plus accumulated unpaid dividends and required at least 10 working days’ notice.

These details describe the September 11 draft articles. A later prospectus, board decision or regulatory process could have changed the commercial terms before issuance.

Bitcoin was a funding source, not pledged security

Smarter Web identified recurring operating cash flow, cash reserves, its bitcoin treasury and continued access to capital markets as potential sources for meeting dividend obligations. That list did not establish a ring-fenced bitcoin reserve, security interest or direct claim on bitcoin for MORE holders.

The distinction matters because preferred equity can sit above ordinary shares without becoming a bitcoin-backed bond. Holders would remain exposed to the issuer’s ability to generate or obtain cash, the value and liquidity of its assets, board decisions permitted by the articles and the absence of a holder redemption right.

The September 11 proposal therefore represented a capital-structure experiment rather than completed financing. It sought to adapt the variable-rate preferred model to a UK bitcoin-treasury company, but its launch still depended on shareholder authorization, FCA prospectus approval, minimum proceeds, market-maker participation and sufficient public ownership. No conclusion about investor demand, trading liquidity or the sustainability of weekly dividends was possible by the September 14 cutoff.