UK-based Bitcoin treasury company Smarter Web has raised £10 million ($13.2 million) through the IPO of its preferred shares on the London Stock Exchange Main Market under the ticker MORE. The offering was primarily retail-driven, with individual investors contributing £7.6 million (75% of the total), while institutional investors provided only £2.4 million, a result the CEO Andrew Webley described as disappointing. The company will distribute weekly dividends starting at an annual rate of 12%. Smarter Web intends to allocate £4 million of the proceeds to additional Bitcoin purchases, bringing its total holdings to 2,747 BTC worth approximately $229 million, ranking 29th globally among Bitcoin treasury companies.
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