The Smarter Web Company Plans UK’s First Bitcoin-Backed Preferred Stock Offering

The Smarter Web Company PLC, a web design firm based in Bristol, England, is set to launch what could be the United Kingdom's first preferred stock offering backed by Bitcoin. The company aims to raise between £15 million and £25 million through this initiative on the London Stock Exchange, with a minimum threshold of £10 million required to proceed. If successful, this offering would represent a significant milestone in the UK capital markets, as it would be the first listed perpetual preferred share explicitly underpinned by corporate Bitcoin holdings.

Founded in 2009, The Smarter Web Company began accepting Bitcoin payments in 2022, marking a strategic shift towards accumulating Bitcoin as a treasury asset. The firm went public in April 2025 through a reverse takeover on the Aquis Exchange and subsequently uplisted to the London Stock Exchange Main Market in February 2026. As of mid-2026, the company holds approximately 2,878 BTC, valued at around $178 to $181 million, reflecting its commitment to integrating cryptocurrency into its business model.

The proposed 'MORE' preferred shares will offer a variable-rate preferential dividend but will not grant voting rights to shareholders. To facilitate these dividend payments, the company required distributable reserves, which were approved by shareholders in June 2026 and confirmed by the High Court in July 2026. This approval unlocked approximately £132.5 million in reserves, which can be used for dividend obligations. The company plans to fund these dividends through various channels, including cash flows from its web services and its Bitcoin treasury.

This initiative aligns with a broader trend of public companies adopting Bitcoin treasury strategies, similar to those pioneered by firms like MicroStrategy in the United States. However, the introduction of a Bitcoin-backed preferred stock in the UK represents a new investment vehicle for British and European investors, potentially appealing to those seeking exposure to Bitcoin's growth while mitigating the volatility associated with common equity. The IPO is still pending approval from the Financial Conduct Authority, and no official launch date has been announced.

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Source: KLEA News