Smarter Web Launches UK's First Corporate Preferred Shares Backed by Bitcoin

The Smarter Web Company (LON: SWC), the UK's largest listed Bitcoin treasury holder, is planning to issue a new class of preferred shares called 'MORE' on the London Stock Exchange.

The MORE share will have a nominal value of £0.001 each and plans to raise between £15 million and £25 million in gross proceeds through a cumulative variable rate weekly preferential dividend, as well as a liquidation preference and an option for redemption.

This move is seen as significant, as it marks the first time a British corporate Bitcoin holder has issued preferred shares. The company's SWC stock gained over 15% on the day of the announcement.