A broader $282 million restructuring clears the way for up to $178 million of dividend capacity tied to SWC’s Bitcoin-backed preferred stock plan.
The Smarter Web Company has completed a broader $282 million capital restructuring, building on its previously disclosed £210 million share premium reduction as it prepares what could become the UK’s first Bitcoin-backed perpetual preferred stock. The company said the restructuring creates capacity for as much as $178 million in dividends, adding a new funding metric to the planned issuance. Earlier disclosures said shareholders approved the capital reduction on June 17, 2026, with High Court confirmation expected around July 15, 2026, which would unlock about £132.5 million in distributable reserves. SWC’s Bitcoin holdings remain central to the structure: the company previously said it held about 2,878 BTC, valued at roughly $178 million to $181 million in early July 2026, and intends to use those reserves as the economic basis for the preferred stock. Perpetual preferred stock has no maturity date and can pay dividends indefinitely, giving investors a listed instrument that offers Bitcoin-linked exposure without directly holding the token. The company said actual distributions will still depend on market conditions and board approvals. The proposed product would be listed on the London Stock Exchange, while the Financial Conduct Authority has not yet issued specific guidance on Bitcoin-backed equities. SWC has said it uses hedging and reserve diversification as part of its risk management approach. The launch, which CEO Andrew Webley has previously indicated could come before the fourth quarter of 2026, is likely to test investor demand for hybrid securities that combine traditional equity features with crypto exposure.