Smarter Web Company Plans Historic BTC-Backed IPO on London Stock Exchange

The Smarter Web Company, a web design company from Bristol, is planning to list what could be the UK's first Bitcoin-backed preferred stock on the London Stock Exchange Main Market.

The company, which went public through a reverse takeover IPO in April 2025 and uplisted to the LSE Main Market by February 2026, has adopted a formal Bitcoin treasury policy. It currently holds approximately 2,878 BTC worth around $178 to $181 million on its balance sheet.

The 'MORE' preferred shares will carry a variable-rate preferential dividend along with other associated rights, but will not include voting rights. To make those dividend payments possible, the company needed distributable reserves, which was unlocked after shareholders voted to approve a £210 million reduction in the share premium account and the High Court confirmed it in July 2026.

The IPO requires FCA approval and no formal prospectus or launch date has been announced. The Smarter Web Company's CEO Andrew Webley noted that the company could fund those dividends through multiple channels, including operating cash flows from the web business and its Bitcoin treasury.