Smarter Web Taps into Bitcoin Market with Groundbreaking Preferred Share Listing

The Smarter Web Company, a UK-based firm and one of the largest listed Bitcoin treasury holders, is planning to list its first preferred shares on the London Stock Exchange.

The new class of shares, called MORE, will have a nominal value of £0.001 each and aims to raise between £15 million and £25 million in gross proceeds.

In contrast to common stock, holders of the MORE share will not have voting rights but will receive a 'cumulative variable rate weekly preferential dividend' plus a liquidation preference and an option for the company to redeem. This structure is designed to provide investors with exposure to Bitcoin without having to buy the coin or the firm's common stock.

The move comes as Smarter Web reviews its position on using fiat and Bitcoin-denominated convertibles, which were used in a recent $11.7 million repayment to TOBAM Group.