The Smarter Web Company said it plans to launch what it describes as the UK’s first Bitcoin-backed preferred shares, subject to shareholder approval. The company also said a potential initial public offering could raise between $20 million and $34 million. According to the announcement cited by ChainCatcher, the proceeds are expected to be used to increase the company’s Bitcoin holdings and to acquire operating businesses that generate cash flow. No further details on the proposed share structure or offering timeline were disclosed in the brief statement.
The Smarter Web Company said it plans to introduce what it described as the UK’s first Bitcoin-backed preferred shares, subject to shareholder approval.
The company said a potential initial public offering could raise between $20 million and $34 million. It expects to use the proceeds to expand its Bitcoin holdings and acquire operating businesses that generate cash flow.
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