Bitcoin-Backed MORE Preferred Shares Begin LSE Trading
The Smarter Web Company’s Bitcoin-backed preferred shares, trading as MORE, began trading on the London Stock Exchange’s Main Market on October 14, 2026. Issued at £90 per share, they carry an initial stated annual dividend rate of 12%, paid weekly. Based on the issue price, that equates to a running yield of about 13.33%; the rate is not a guaranteed return. The perpetual shares have no maturity date, and the first payment of £0.2301 per share is due by November 9.
The offering raised at least £10 million, leaving about £8.35 million after costs, with roughly £4 million earmarked for Bitcoin purchases. The company held about 2,747 BTC as of September 30, at a net average acquisition cost of £82,562 per Bitcoin. The MORE listing gives the Bitcoin-focused company a new funding route and offers investors an income-oriented way to gain exposure to a Bitcoin treasury. Traders will watch the sustainability of weekly dividends, the share price against its £90 issue price and £100 liquidation preference, and whether planned Bitcoin purchases affect the company’s holdings. The listing itself does not establish a direct price catalyst for Bitcoin.
Neutral
The news is neutral for BTC because it concerns the trading and financing terms of The Smarter Web Company’s preferred shares, rather than a change in Bitcoin’s fundamentals or a direct BTC market purchase announcement beyond the company’s stated plan to allocate about £4 million to Bitcoin. That planned buying is small relative to the broader Bitcoin market and does not, by itself, establish sustained demand or a price trend.
In the short term, the listing may attract attention to the company’s Bitcoin holdings and prompt traders to monitor whether the earmarked funds are deployed. However, MORE is an equity security, and its price and dividend risks should not be treated as direct signals for BTC. Over the longer term, continued Bitcoin purchases could add some corporate demand, while the company’s ability to fund dividends and manage a Bitcoin-heavy balance sheet may affect investor sentiment toward treasury strategies. The available information is insufficient to imply a material or lasting impact on Bitcoin’s price, so the expected direct market effect remains neutral.