Bitcoin Treasury Assets Enter Mainstream Exchange Listing

The London Stock Exchange's main market has welcomed a notable financial innovation. A UK-based firm specializing in Bitcoin treasury management has successfully listed its perpetual preferred stock. Traded under the ticker MORE, this instrument is positioned as the first pound-denominated preferred stock in the UK directly backed by corporate Bitcoin holdings.

Structure and Yield Mechanism

The perpetual preferred stock was priced at £90 per share, with a liquidation preference set at £100. Its most attractive feature is the yield structure: an initial annualized dividend rate of 12%, distributed on a weekly basis. Based on the issue price, investors' annualized yield is approximately 13.33%.

The first dividend payment has been confirmed at £0.2301 per share, scheduled for distribution by November 9. This high-frequency dividend distribution model is relatively uncommon in traditional preferred shares, offering new options for investors seeking cash flow.

Use of Proceeds and Bitcoin Strategy

The offering generated net proceeds of approximately £8.35 million. According to disclosed plans, around £4 million of this amount will be allocated specifically to acquiring additional Bitcoin. This arrangement directly links the stock's performance to the expansion of Bitcoin assets.

Data as of September 30 shows the company holds about 2,747 BTC, with an average acquisition cost of £82,562 per coin. The additional £4 million investment will further expand its Bitcoin treasury.

  • Core Innovation: Securitization of corporate Bitcoin holdings into an exchange-traded product
  • Yield Feature: High dividend rate combined with frequent distribution schedule
  • Capital Allocation: Clear earmarking of proceeds for Bitcoin acquisition
  • Market Significance: New channel for traditional investors to access Bitcoin treasury strategies

Market Implications and Investment Considerations

The listing of this product marks further penetration of Bitcoin-related financial instruments into European mainstream exchanges. Unlike traditional cryptocurrency ETFs, this preferred stock structure directly links company strategy (Bitcoin treasury management) with shareholder returns.

Investors need to assess Bitcoin price volatility risk, corporate governance, and the liquidity characteristics of the preferred shares. While the high dividend yield is attractive, the perpetual nature of the instrument and its dependence on Bitcoin market performance must be factored into investment decisions.