The Smarter Web Company surges 36% on Bitcoin-backed stock plans

Smarter Web Company PLC, a digital services provider listed on the London Stock Exchange under ticker SWC, saw its stock rocket more than 36% after revealing plans to create what would be the UK’s first sterling-denominated preferred shares backed by a Bitcoin treasury.

The proposed instrument, dubbed “MORE” shares, would be perpetual preferred shares listed on the LSE Main Market. The company is targeting a raise of £15-25 million gross, with a floor of £10 million, all earmarked to expand its existing Bitcoin holdings under what management calls a 10-Year Plan.

What the MORE shares actually look like

The MORE shares would sit between debt and common equity, offering holders a cumulative variable-rate weekly preferential dividend and priority over ordinary shareholders in a liquidation scenario. MORE shareholders won’t get voting rights. The company also retains the right to redeem the shares at its discretion.

What makes the whole thing mechanically possible is a High Court ruling from July 2026. That decision confirmed a £210 million reduction of Smarter Web’s share premium account, which unlocked roughly £132.5 million in distributable reserves. Without that legal green light, the company wouldn’t have the capacity to pay dividends on a new class of preferred shares.

A general meeting for ordinary shareholders to vote on the creation of this new share class is set for September 28, 2026. The offering itself remains contingent on the Financial Conduct Authority approving the prospectus.

A very large Bitcoin stack for a very small company

Smarter Web holds approximately 2,878 BTC in its treasury, which represents the largest publicly disclosed Bitcoin position among UK-listed corporations. That’s a company with a share price recently hovering around £0.385 sitting on a Bitcoin pile worth well north of £100 million at current prices.

The strategy draws obvious comparisons to MicroStrategy (now called Strategy) in the US, which pioneered the playbook of using various capital markets instruments to accumulate Bitcoin. MicroStrategy has used convertible notes, at-the-market equity offerings, and preferred stock to fund its Bitcoin purchases. Strategy holds hundreds of thousands of Bitcoin. Smarter Web holds fewer than 3,000.

Analyst reaction and market implications

TD Cowen moved quickly after the announcement, raising its price target on Smarter Web from £0.64 to £0.73 on September 14, 2026. At the stock’s recent trading level of £0.385, that revised target implies roughly 90% upside.

The risk side of the ledger is worth noting. The preferred dividends are cumulative, meaning missed payments accrue. The High Court-approved distributable reserves provide a buffer, but £132.5 million only stretches so far if the underlying asset reprices aggressively lower.

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