The Smarter Web Company (LSE: SWC) launched its retail offer of MORE preferred shares on September 29 after the Financial Conduct Authority (FCA), the UK financial regulator, approved its prospectus. Available through the Winterflood Retail Access Platform, the offer covers up to 277,777 shares at £90 each and targets gross proceeds of £15 million to £25 million. The shares pay an initial cumulative dividend of 12% annually, based on a £100 reference amount, with weekly payments set at a variable rate that the board can adjust within fixed parameters. MORE shareholders receive a liquidation preference but have no voting rights, while the company retains a redemption right. Together with an institutional placing announced the same day, the IPO is expected to generate net proceeds of £13.1 million to £22.7 million. The Smarter Web plans to use the funds for strategic acquisitions and additional Bitcoin under its Bitcoin Treasury Policy, which designates Bitcoin as its primary reserve asset. Admission to the London Stock Exchange Main Market is expected at 8:00 a.m. on October 14, subject to minimum fundraising, market-maker and public-float conditions. The prospectus says the investment is not an investment in Bitcoin and notes that the FCA considers Bitcoin high risk.