A UK-listed web services company with nearly 2,878 Bitcoin on its balance sheet is about to do something no British public company has done before: issue preferred stock backed by its crypto treasury.
The Smarter Web Company PLC, trading on the London Stock Exchange under the ticker SWC, is finalizing approximately $178 million in reserves to support what it calls the UK’s first Bitcoin-backed preferred equity instrument.
How the capital restructuring works
To create distributable reserves, SWC proposed a £210 million reduction in its share premium account on June 1, 2026, reclassifying a chunk of its balance sheet from a category where it can’t touch the money to one where it can.
The result would be roughly £132.5 million in distributable reserves, enough firepower to back preferred equity issuances that come with dividend rights. No new shares get created. Total share count stays the same. Net assets don’t change.
