Key Highlights:
- Smarter Web acquired an additional 20 Bitcoin at an average price of £61,733, lowering the average cost across its 2,850 BTC treasury reserve.
- The Bristol-based firm announced an inaugural weekly dividend of £0.2301 per share on its MORE preferred shares, payable to holders on November 9.
- Capital raised from preferred share sales was also used to pay down a portion of the company’s Coinbase strategic credit facility, reducing it to approximately £16 million.
Smarter Web Expands Bitcoin Holdings and Lowers Treasury Cost Basis
Bristol-based enterprise Smarter Web has expanded its corporate crypto treasury after disclosing the purchase of 20 Bitcoin on October 23. Acquired at an average price of £61,733 per unit, the transaction helped push down the average cost basis of the firm’s total holdings. Smarter Web now holds 2,850 BTC, accumulated at an overall average price of £81,837, representing a net total cost of £233.2 million.
Accounting for roughly £8.7 million in gross sales, Smarter Web’s Bitcoin reserve has cost a gross £242 million. The firm, which carries a market capitalization of approximately £208 million, reported a quarter-to-date BTC yield of 2.41%—a key per-share performance metric utilized by management to assess the accretive value of its Bitcoin acquisition strategy. The latest transaction marks the company’s second treasury top-up within a single week, following an October 15 acquisition of 83 BTC at an average unit price of £62,676, totaling £5.2 million.
Capital Allocation and Debt Reduction via Coinbase Facility
In addition to growing its crypto balance sheet, Smarter Web has actively allocated capital raised from the issuance of preferred shares toward strengthening its broader financial framework. A portion of the proceeds from its preferred share sale went toward trimming its strategic credit facility with Coinbase, bringing the balance down from £17 million to approximately £16 million.
The company resumed its Bitcoin accumulation strategy shortly after executing a balance-sheet maneuver involving the sale of 178 BTC. That transaction was undertaken to satisfy the early repayment of an $11.7 million convertible note held by the TOBAM Group, which was retired two weeks ahead of schedule.
Inaugural Dividend Declared on MORE Preferred Shares
Alongside its balance sheet updates, Smarter Web declared its first regular payout for preferred stockholders. According to a regulatory filing submitted on October 20, the company set an inaugural weekly dividend on its MORE preferred shares at £0.2301 per share for the week ending October 23, 2026. The distribution carries an ex-dividend date of October 22 and a record date of October 23, with cash payments scheduled for distribution on November 9.
The MORE dividend currently equates to an annualized yield of 12% based on a £100 reference amount. Under the terms detailed in the prospectus published on September 29, Smarter Web’s board maintains discretion to adjust this figure within predetermined boundaries. Brokerage TD Cowen issued a Buy rating on Smarter Web stock alongside a £0.73 price target following its review of the preferred share initiative in September.
Why This Matters
Smarter Web’s MORE instrument represents the first preferred share issuance by a UK corporate Bitcoin holder, signaling an evolution in how UK-listed entities finance digital asset reserves. Structurally aligned with the “digital credit” model popularized by Strategy’s Michael Saylor, the mechanism allows the firm to issue yield-bearing equity to finance debt retirement and crypto acquisitions simultaneously. By using institutional instruments to manage credit obligations like the Coinbase facility and TOBAM convertible debt, Smarter Web demonstrates how mid-cap firms are actively testing corporate finance structures anchored to Bitcoin holdings.
Frequently Asked Questions
What is Smarter Web’s current total Bitcoin position?
Smarter Web holds 2,850 BTC acquired at an average price of £81,837, reflecting a net treasury cost of £233.2 million and a gross cost of £242 million after factoring in past gross sales.
What are the details of the inaugural MORE preferred share dividend?
The inaugural weekly dividend is set at £0.2301 per share, based on a 12% annualized rate on a £100 reference value. The distribution features a record date of October 23 and will be paid to shareholders on November 9.
How is Smarter Web funding its debt reductions and Bitcoin purchases?
The firm has utilized capital raised from selling its MORE preferred shares to trim its Coinbase credit facility to about £16 million and previously liquidated 178 BTC to settle an $11.7 million convertible note held by TOBAM Group.
