Corporate Bitcoin treasury strategies moved forward on multiple fronts this week, as Smarter Web Company secured shareholder approval for its planned MORE perpetual preferred shares and Strategy resumed Bitcoin buying with a 950 BTC acquisition.
Smarter Web shareholders approved all three resolutions at a Sept. 28 general meeting, clearing a key condition for a potential initial public offering of the preferred shares on the London Stock Exchange Main Market. The approvals covered changes to the company’s articles of association, authority to allot the preferred shares, and permission for market purchases of the securities. Resolution 1 received 163.8 million votes in favor, representing 99.86% of votes cast, while the other resolutions passed with similar support.
The proposed MORE preferred shares target between £15 million and £25 million in gross proceeds, with a minimum £10 million required for the IPO to proceed. They would pay a cumulative variable rate preferential dividend weekly, carry a liquidation preference, and provide no voting rights at general meetings. The offering still requires a prospectus approved by the UK Financial Conduct Authority before any listing can occur.
CEO Andrew Webley said the shares are designed to provide an additional source of long-term capital, broaden the investor base, and further diversify the company’s capital structure. The company’s Bitcoin treasury remains central to the plan: Smarter Web held 2,747 BTC after August and early September purchases, with a net average acquisition price of £82,562 per BTC. TD Cowen analysts earlier raised Smarter Web’s price target to £0.73 from £0.64, citing preferred equity as another financing option.
Meanwhile, Strategy, formerly MicroStrategy, acquired 950 BTC between September 14 and September 20 for approximately $75.7 million at an average price of about $79,670 per Bitcoin. The purchase ended a several-week pause in disclosed buying and reinforced Strategy’s position among the largest corporate Bitcoin holders.
The developments also highlighted a broader debate around Bitcoin-per-share metrics. Strategy’s absolute holdings remain far larger than Strive’s treasury of more than 20,000 BTC, but analysts note that treasury size alone does not show how purchases translate for shareholders when equity issuance changes the share count. The distinction matters for comparing corporate Bitcoin strategies, because growing total Bitcoin holdings and increasing Bitcoin exposure per share can diverge depending on financing methods.
Both events underline how publicly traded companies are using Bitcoin treasuries and capital markets to raise funds while increasing BTC exposure. The market impact may remain positive for Bitcoin sentiment, though execution risks, dilution, and financing costs remain relevant considerations for shareholders.
