A British company that has built one of the country’s most closely watched corporate Bitcoin treasuries has taken a major step toward creating a new type of security around that strategy.

The Smarter Web Company has launched an initial public offering for a new class of preferred shares under the ticker “MORE” after its prospectus received approval from the U.K. Financial Conduct Authority. The company is targeting between £15 million and £25 million in gross proceeds and plans to issue as many as 277,777 preferred shares at £90 each.

The development gives the company a new potential financing channel at a time when it already operates a substantial Bitcoin treasury.

But the real story is not simply that a Bitcoin-focused company is raising money.

It is that a UK-listed business is attempting to build a capital structure in which Bitcoin sits alongside ordinary corporate operations while a separate class of preferred securities is designed around income and capital raising.

The Smarter Web Company is not a pure cryptocurrency operator.

The business was originally built around web design, development and digital marketing, and the company continues to operate that business while maintaining Bitcoin as its primary treasury reserve asset. Its Bitcoin holdings stood at 2,747 BTC after a September 2 purchase of 35 BTC for £2.01 million.

That creates an unusual balance sheet.

Bitcoin represents a substantial portion of the company’s financial identity, but the company also has conventional operating activities, working-capital requirements and corporate financing needs.

The new preferred-share offering is designed to add another financing layer without simply relying on ordinary stock issuance.

The preferred shares will initially carry a cumulative variable-rate preferential dividend of 12% per annum, calculated against a £100 reference amount and paid weekly in arrears. The actual offer price is £90 per preferred share. The dividend rate can change within parameters established in the company’s governing documents.

That combination is unusual enough to attract attention in its own right.

The new securities are structurally different from the company’s existing ordinary shares.

The preferred shares are being designed with a preferential dividend and liquidation preference, while they will not carry ordinary voting rights. The company has also received shareholder authorization to allot the preferred shares and make market purchases of the new class.

The shareholder vote on September 28 cleared those structural changes with overwhelming approval on all three resolutions. The resolution authorizing the allotment of preferred shares received 99.84% of votes cast in favor, while the resolutions covering the articles and market purchases also passed with more than 99.8% support.

The next day, the FCA-approved prospectus became the basis for the IPO launch.

That sequence matters because shareholder approval and regulatory approval are separate steps.

The shareholder vote gave the company the corporate authority needed to establish the new security. The prospectus approval enabled the company to move toward an actual public offering. The FCA has also explicitly stated that approval of the prospectus should not be interpreted as an endorsement of the preferred shares.

The £15 million to £25 million target is not being raised simply to sit idle.

According to the company’s IPO materials, the net proceeds are expected to be allocated across working capital and general corporate purposes, Bitcoin purchases for the treasury reserve and operational business growth. The allocation ranges depending on how much the IPO ultimately raises.

That makes the offering part of a broader capital strategy.

The Smarter Web Company has already demonstrated that Bitcoin treasury management can require companies to make decisions that are very different from those of conventional corporate treasurers.

In July, the company sold 177.89 BTC to repay an approximately $11.7 million convertible instrument ahead of maturity. The transaction removed the possibility of more than 7.7 million additional ordinary shares being issued under that financing structure.

It subsequently rebuilt its Bitcoin position, buying 35 BTC in September and returning the treasury to 2,747 BTC.

The pattern illustrates why capital structure matters so much for Bitcoin treasury companies.

Bitcoin holdings can rise quickly, but financing those holdings can introduce debt, dilution, liquidity requirements and other obligations. A company therefore needs more than a bullish treasury policy. It also needs mechanisms for managing the liabilities created around that treasury.

The IPO is not being confined to institutions.

The company has launched a retail offer through Winterflood Retail Access Platform, or WRAP, for eligible investors who are resident and physically present in the United Kingdom through participating brokers, wealth managers and investment platforms.

The retail offer is therefore designed to put the new preferred security within the existing British investment-platform ecosystem rather than limiting it to specialist institutional transactions.

The company says it expects the preferred shares to be available through major UK brokers and anticipates admission to trading on the London Stock Exchange around October 14, 2026, subject to the relevant conditions. Its materials also describe an intended weekly dividend structure and potential eligibility for ISAs and SIPPs.

Those details are important because they show the ambition of the project.

This is not simply another private financing round.

It is an attempt to create a listed security that can sit inside a broader retail and institutional market.

The capital structure may be innovative, but the underlying asset remains Bitcoin.

The Smarter Web Company’s own treasury data shows a net average acquisition price of about £82,562 per Bitcoin across its current holdings and reports cumulative net Bitcoin purchases of roughly £226.8 million. Its treasury analytics also show that Bitcoin itself was worth less than the company’s cumulative net acquisition cost at the time of the latest displayed data.

That is a useful reminder that a preferred-share structure does not remove the volatility of the underlying treasury.

A company can create additional financing tools, but it cannot eliminate market risk in the asset on which much of its balance sheet depends.

And the preferred security introduces another consideration: the company must meet its dividend obligations under the terms governing the shares, while the rate itself is variable and the company retains specific rights concerning payment suspensions and redemption.

For investors, the key issue is therefore not merely the headline 12% initial annualized rate. It is the full structure of the security, the dividend mechanics, the company's cash position, its Bitcoin exposure, its debt, its operating cash flow and the risks disclosed in the prospectus. The company itself directs potential investors to read the FCA-approved prospectus before considering the offering.

The Smarter Web Company is effectively testing whether a Bitcoin treasury can support a more diversified listed-capital model.

Ordinary shares provide equity exposure.

Bitcoin provides the core treasury asset.

Debt and credit facilities can provide capital when appropriate.

And now “MORE” is being positioned as a separate preferred layer aimed at investors seeking a contractual income feature without ordinary voting rights.

Whether that model becomes a blueprint for other Bitcoin treasury companies remains to be seen.

For now, the significance is more concrete.

A British listed company has moved from discussing a Bitcoin-backed preferred-share idea to receiving FCA prospectus approval and launching an IPO targeting as much as £25 million.

The green light has arrived.

The next test is whether the market wants to finance the next stage of the experiment.