UK-listed Smarter Web plans up to $10.6M in BTC purchases via preferred share sale

UK-listed The Smarter Web Company, which has adopted a Bitcoin treasury strategy, said it plans to issue up to 277,777 shares of MORE, the UK’s first BTC-backed preferred stock, at £90 ($119.16) per share. The company is targeting about $17.34 million to $30.05 million in net proceeds and plans to allocate about $6.62 million to $10.59 million of that to additional BTC purchases. MORE is a cumulative floating-rate preferred stock with an initial annual dividend rate of 12% based on a reference price of £100 ($132.40) per share. Dividends will be paid weekly, and the shares carry no voting rights. A London Stock Exchange listing for MORE is scheduled for Oct. 14.