The largest public corporate holder of Bitcoin in the United Kingdom (UK), The Smarter Web Company disclosed on Friday, October 23, that it added 20 BTC to its treasury for about £1.23 million.
The firm also set the first weekly dividend on the MORE preferred shares, funding its Bitcoin purchases at £0.2301 per share.
Smarter Web’s 20 BTC purchase pushes average cost down
The 20 Bitcoin purchase that Smarter Web disclosed on October 23 came at an average price of £61,733. That number helped push down the average price of its 2,850 BTC stack, which the firm built at an average price of £81,837, for a net cost of £233.2 million.
Overall, Smarter Web’s Bitcoin position cost a gross £242 million after adding about £8.7 million of gross sales. The firm has a market capitalization of roughly £208 million and put its quarter-to-date BTC yield, the per-share metric it uses to judge whether buying adds value, at 2.41%.
Friday’s addition is the second Bitcoin top-up in a week, adding to the 83 BTC the firm bought on October 15, paying a cumulative £5.2 million at an average of £62,676 per unit.
Part of the funds the Bristol firm raised from selling preferred shares went to trimming its Coinbase strategic credit facility to about £16 million from £17 million.
The first MORE dividend lands at £0.2301
The bigger first for the company is the payout. According to a regulatory notice filed on October 20, the inaugural weekly dividend on its MORE preferred shares will be £0.2301 per share for the week ending 23 October 2026. The record date is October 23, the ex-dividend date October 22, and the cash is due to reach holders on November 9.
The MORE dividend rate currently runs at 12% a year on a £100 reference amount, a figure the board can vary within limits set in the prospectus it published on 29 September.
MORE, which has a structure similar to the “digital credit” model championed by Strategy’s Michael Saylor, is the first preferred share issued by a UK corporate Bitcoin holder, as Cryptopolitan reported when the plan surfaced in September.
Smarter Web returned to buying Bitcoin after selling 178 BTC to repay an $11.7 million convertible held by the TOBAM Group two weeks early.
TD Cowen rated the stock a Buy with a £0.73 price target when the broker reviewed the preferred plan in September.
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