Smarter Web surges 36% on Bitcoin-backed preferred shares plan
In brief
- Smarter Web stock surged 36% after unveiling MORE preferred shares backed by Bitcoin holdings
- Company targets £15–25M raise to expand 2,878 BTC treasury, largest UK-listed position
- MORE shares feature weekly dividends and liquidation priority without voting rights
- Shareholder vote scheduled September 28, 2026; FCA prospectus approval pending
The mechanics of MORE shares
The MORE shares would sit between debt and common equity, offering holders a cumulative variable-rate weekly preferential dividend and priority over ordinary shareholders in liquidation. Crucially, they carry no voting rights, positioning them as a hybrid instrument for income-focused investors. The company also retains the right to redeem the shares at its discretion, giving Smarter Web flexibility if market conditions shift.
Ordinary shareholders will vote on creating this new share class on September 28, 2026. The offering itself remains contingent on Financial Conduct Authority prospectus approval. What makes the whole structure possible is a High Court ruling from July 2026 that confirmed a £210 million reduction of Smarter Web's share premium account, unlocking roughly £132.5 million in distributable reserves.
Analyst response and market precedent
TD Cowen moved quickly, raising its price target on Smarter Web from £0.64 to £0.73 on September 14, 2026. At the stock's recent trading level of £0.385, that revised target implies roughly 90% upside. The analyst's bullish pivot reflects confidence in the company's Bitcoin accumulation strategy and the novelty of the preferred-share structure.
The strategy draws obvious comparisons to MicroStrategy (now called Strategy) in the US, which pioneered the playbook of using various capital markets instruments—convertible notes, at-the-market equity offerings, preferred stock—to accumulate Bitcoin. Strategy holds hundreds of thousands of Bitcoin; Smarter Web holds fewer than 3,000. Yet the UK firm's move signals that institutional-grade Bitcoin treasury strategies are no longer confined to US markets. With its Bitcoin pile worth well north of £100 million at current prices, Smarter Web has built a material asset base that lenders and preferred-share investors can evaluate alongside traditional corporate collateral.
The MORE issuance, if approved, could set a precedent for how European-listed companies structure capital raises around crypto holdings.
Frequently asked questions
What are MORE shares and how do they work?
MORE shares are perpetual preferred shares that would sit between debt and common equity on Smarter Web's capital structure. Holders receive a cumulative variable-rate weekly preferential dividend and priority in liquidation, but have no voting rights. The company can redeem them at its discretion.
Why is Smarter Web raising this capital?
Smarter Web is targeting £15–25 million (with a £10 million floor) to expand its Bitcoin holdings. The company already holds approximately 2,878 BTC, the largest publicly disclosed Bitcoin position among UK-listed corporations, worth well over £100 million at current prices.
What's the timeline for approval?
Ordinary shareholders will vote on the new share class on September 28, 2026. The offering remains contingent on Financial Conduct Authority prospectus approval. A July 2026 High Court ruling unlocked the distributable reserves that make the issuance mechanically possible.
