Smarter Web to become UK's first BTC firm to issue preferred shares

The UK’s largest listed Bitcoin treasury holder, The Smarter Web Company (LON: SWC), announced plans this Friday to launch a new class of preferred shares, the first of its kind by a British corporate Bitcoin holder, on the main London Stock Exchange. 

The preferred share, “MORE,” will be listed with a nominal value of £0.001 each and plans to raise between £15 million and £25 million in gross proceeds, while offering what the Bristol-based company described as a “cumulative variable rate weekly preferential dividend,” plus a liquidation preference and a company option to redeem. 

The plan appears to have landed well among investors, as the company’s SWC stock gained over 15% on the day.

What Smarter Web’s MORE preferred share offers?

The MORE preferred share does not confer general meeting voting rights to holders. It is simply a fixed-income-style claim, allowing holders to gain exposure to a Bitcoin balance sheet without actually buying the coin or the firm’s common stock.

Sweden’s Bitcoin Treasury Capital listed Europe’s first Bitcoin-backed preferred in July, paying monthly installments on a flat 10% annual dividend. 

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