Smarter Web plans UK’s first BTC-backed preferred share IPO

The Smarter Web Company, an LSE-listed firm that has adopted a Bitcoin treasury strategy, plans to issue pound-denominated preferred shares backed by Bitcoin and raise up to £25 million ($33.8 million), according to Crypto Briefing. The company is pursuing an IPO to list a new class of preferred shares on the London Stock Exchange under the ticker MORE. Crypto Briefing said the minimum fundraising target is £10 million ($13.5 million), and if the company secures that amount and receives regulatory approval from the UK Financial Conduct Authority, the plan could set an important precedent in the UK capital market.