Shareholders of The Smarter Web Company (LSE: SWC) approved the launch of the United Kingdom's first Bitcoin-backed perpetual preferred stock on September 28, with more than 99.8% of votes cast in favor of the resolutions. The Bristol-based firm is targeting a raise of £15 million to £25 million, with a minimum threshold of £10 million, and will list the new instrument on the London Stock Exchange under the ticker MORE.

The approval makes the company, whose core business remains web design and digital marketing, the first UK-listed issuer of preferred shares explicitly tied to a corporate Bitcoin treasury. The company holds approximately 2,878 BTC, the largest publicly disclosed Bitcoin treasury among UK-listed companies.

What does the new instrument look like?

The preferred shares carry structural features common to hybrid corporate capital, adapted to a digital-asset collateral pool:

• Cumulative variable-rate preferential dividend — unpaid dividends accumulate rather than lapse.
• Seniority in liquidation — the shares rank above ordinary shares in the liquidation queue.
• No voting rights.
• Proceeds earmarked for Bitcoin accumulation — the company will use the raise to expand its BTC holdings.

The company frames the strategy as part of its "10-Year Plan," a deliberate repositioning around Bitcoin accumulation rather than its legacy services business.

The launch remains contingent on Financial Conduct Authority approval and broader market conditions before it officially goes live. The FCA has not yet signed off on the instrument, and the fundraising window carries a hard floor: if the company cannot clear at least £10 million, the structure's economics change materially.

How did the company prepare its balance sheet?

The groundwork predates the vote. In June 2026, shareholders approved a £210 million share premium reduction that unlocked approximately £132.5 million in distributable reserves. That capital restructuring gives the company the balance-sheet flexibility to make credible dividend commitments on the new preferred class — a necessary condition for a cumulative dividend instrument, since distributable reserves govern a UK company's legal capacity to pay dividends.

What are analysts saying?

TD Cowen raised its price target on SWC shares to £0.73 from £0.64 following the announcement and maintained a Buy rating. The revised target implied roughly 90% upside from the stock's level at the time of the note.

What risks do MORE investors take on?

Execution risk dominates the near-term picture. FCA approval is not guaranteed, and the variable-rate preferred dividend tied to a BTC treasury means Bitcoin's price volatility can shift the instrument's economics quickly. Investors in MORE would carry a layered risk profile:

• Credit risk on the issuing company.
• Bitcoin price risk transmitted through the treasury.
• Liquidity risk on a relatively small LSE-listed instrument.

The vote itself signals strong shareholder alignment with the Bitcoin-first strategy, but alignment does not substitute for regulatory clearance or a functioning fundraising market. If the £10 million floor is not met, the structure could be scaled back or revisited.

A successful FCA approval and an oversubscribed MORE listing would establish a template for other UK-listed companies seeking to monetize digital-asset treasuries through structured equity — and would give London a competitive answer to the Bitcoin-treasury issuance wave that has so far played out largely on US exchanges.