UK Bitcoin Treasury Firm Targets £25M Raise With 12% Weekly-Paid Dividend

Points of Focus

• The Smarter Web Company is targeting £15 million-£25 million through MORE preferred shares priced at £90, carrying an initial 12% annual dividend paid weekly.
• Up to £8 million of the proceeds is earmarked for BTC, while most will support working capital and general corporate purposes.
• The structure echoes Strategy’s STRC preferred stock, which has grown to more than $10 billion in notional value, but its experience also shows the cost of keeping high-yield Bitcoin-linked capital near par.

The Smarter Web Company is taking a page from Strategy’s Bitcoin (BTC) financing playbook, launching a preferred share that promises an initial 12% annualized dividend paid weekly.

The UK-listed Bitcoin treasury company plans to issue up to 277,777 MORE preferred shares at £90 each, targeting £15 million-£25 million in gross proceeds. Net proceeds are expected to reach £13.1 million-£22.7 million.

JUST IN: British #Bitcoin treasury The Smarter Web Company ($SWC) just received shareholder approval to launch the UK's first-ever BTC-backed preferred stock ($MORE).

A possible IPO is expected to raise $20–$33 million to buy more BTC and cash-generating operating businesses. 🔥 pic.twitter.com/14Rv0jjHeb

— Bitcoin Treasuries (@BTCtreasuries) September 29, 2026

But only £5 million-£8 million, or 35%-38%, is earmarked for Bitcoin purchases. Around 58%-62% will go toward working capital and general corporate purposes, with another £500,000 allocated to operating-business growth.

MORE borrows from Strategy’s STRC playbook

MORE’s structure bears a clear resemblance to Strategy’s STRC.

Both are perpetual preferred securities with variable dividends built around a £100 or $100 reference amount. Strategy currently pays STRC holders 12% annually, while Smarter Web is starting MORE at the same rate.

MORE goes further on payment frequency, calculating its dividend daily and paying weekly. STRC currently pays semi-monthly.

Smarter Web can adjust MORE’s rate between a floor of the Bank of England base rate plus 1% and a maximum of 20%. It can also suspend payments, although unpaid dividends accumulate. Holders cannot demand redemption, while the company can redeem shares for £110 plus unpaid dividends.

This matters because Bitcoin itself produces no cash flow. Smarter Web said dividends could ultimately be funded through operating cash flow, cash reserves, capital raising, or its Bitcoin treasury.

STRC shows the cost of keeping preferred capital attractive

Strategy’s experience provides an early test of the model.

STRC launched in July 2025 with a 9% dividend, but Strategy subsequently raised the rate repeatedly: 10% by September, 11% by January 2026, 11.5% by March, and 12% by July.

The increases were designed to encourage STRC to trade around its $100 stated value.

When that wasn’t enough, Strategy stepped in directly. It repurchased 288,930 STRC shares for $25 million in July at an average of $86.53, a 13.47% discount to par.

We repurchased 288,930 shares of $STRC for $25M at an average price of $86.52 per share. We intend to remain a regular, disciplined buyer of STRC below $100. More at deeper discounts, less as STRC nears $100. Another $975M remains available for our prefs. https://t.co/cpUNofIcBy

— Michael Saylor (@saylor) July 27, 2026

Still, investor demand has allowed the instrument to scale rapidly. Strategy says STRC issuances raised $7.53 billion during 2026 through July 26, while its current notional value exceeds $10 billion. Its reported one-year return stood at 9.2% in its latest published metrics.

That scale has obligations attached. Strategy had paid more than $1 billion in cumulative preferred dividends by July and built a $3.75-billion cash reserve to cover dividends and interest. It also disclosed selling approximately $218.4 million of Bitcoin in 2026 to fund part of its preferred-stock dividends.

For Smarter Web, MORE tests more than appetite for a 12% yield.

It tests whether a much smaller UK Bitcoin treasury company can use the preferred-stock model to raise durable capital without the dividend obligation eventually competing with the Bitcoin accumulation strategy it is designed to support.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.