The Smarter Web Company (SWC) · updated 2026-10-25 17:27 UTC · prices delayed
MORE is The Smarter Web Company's preferred share, listed on the London Stock Exchange (Main Market) and priced in pounds (GBP). The company holds bitcoin as its treasury reserve asset. MORE pays a cumulative, variable dividend every week, currently 12% a year of a £100 reference amount, which works out to £0.2301 per share per week. The board can change the rate within limits set in the prospectus, and the company can redeem the shares.
Key risk: It's backed by a BTC treasury that also carries a Coinbase credit facility secured on that bitcoin, and the board can lower the rate or suspend weekly payments (unpaid dividends accrue). Prices and dividends are in GBP, so US holders also take currency risk.
| Issuer | The Smarter Web Company (SWC) (BTC-backed) |
| Dividend rate | 12.00% variable, reset set by the board, within prospectus parameters |
| Pays | Weekly |
| Stated amount | £100 |
| Cumulative | Yes |
| Last price (delayed) | £90.90 (LSE, GBP) |
| Effective yield | 13.20% |
| Next payment | £0.2301/sh paid 2026-11-09 (record 2026-10-23; declared) |
| Next ex-date | 2026-10-29 for £0.2301/sh paid 2026-11-16 (expected) |
| Tax character | unknown |
The Smarter Web Company (SWC) pays about £1.3M a year across its preferreds (MORE). Its treasury of 2,850 BTC (as of 2026-10-23) is worth about £172.0M, which is roughly 129.0 years of BTC coverage and a 0.78% yearly breakeven BTC return.
Coverage = treasury value ÷ annual preferred dividends. Holdings source.
What is MORE's dividend?
MORE pays a 12.00% annual dividend rate (variable) on its £100 stated amount, paid weekly. At the last price of £90.90 that is an effective yield of 13.20%.
Is MORE cumulative?
Yes. Missed dividends accrue and are owed later.
How well covered is MORE's dividend?
The Smarter Web Company (SWC)'s BTC treasury covers about 129.0 years of its annual preferred dividends at current prices (treasury value ÷ annual preferred dividends).
Effective yield = rate × stated amount ÷ price. Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer RNS announcements (London Stock Exchange). Prices and dividends in GBP (£); not converted. PrefWatch is independent and not affiliated with any issuer. Not investment advice.
See every preferred, the dividend calendar and the income modeler on PrefWatch