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.
