The Smarter Web Company’s Bitcoin-backed preferred stock begins trading on the LSE

The Smarter Web Company has brought a new kind of income product to London. Its perpetual preferred shares, trading under the ticker MORE, began changing hands on the London Stock Exchange’s Main Market on October 14, 2026. The pitch is simple: an initial 12% annual dividend, paid out every week, from a company whose balance sheet is built around Bitcoin. Most UK income stocks pay quarterly or twice a year, so weekly payouts are a different rhythm altogether. Smarter Web describes the shares as the UK’s first sterling-denominated perpetual preferred shares backed by a corporate Bitcoin treasury. The weekly payout schedule is also described as a first among London-listed public companies. How the MORE shares work Preferred shares sit in an awkward middle ground between bonds and common stock. They usually pay a set dividend and get paid before ordinary shareholders, but they don’t carry the same claim as a lender. “Perpetual” means there is no maturity date. Investors aren’t promised their money back on a set day, so the return comes from dividends and whatever price they can get on the open market. Smarter Web sold the shares at £90 each in its initial public offering. Each one car...