A new source of BTC demand is emerging. BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market. What could happen if adoption expands? 🔗 Read our latest research: go.fidelity.com/ernlPz

$MORE – A GENERATION-BY-GENERATION LOOK AT INVESTING Day 2: Generation Y – Millennials (Born 1981–1996, aged 30–45) Yesterday I looked at Generation Z and how time can be their biggest advantage when investing. Today I'm looking at Millennials, and I actually think this is one of the most interesting generations when considering an investment such as $MORE. Why? Because Millennials are at a stage of life where their financial priorities are changing. Many are now established in their careers, earning more than they did in their twenties, but they're also dealing with mortgages, childcare, rising household expenses and the growing realisation that retirement might not be as financially comfortable as they once imagined. They're earning money, but a surprising amount of it is already spoken for. And I think this is where investing for income starts becoming particularly interesting. Research from interactive investor's 2026 Great British Retirement Survey found that Millennials have a typical pension pot of approximately £25,000, despite expecting to retire with around £450,000. That's quite a gap to bridge, even allowing for another 20 or 30 years of working. What's interesting is that Millennials are already investing outside their pensions. The same research suggests they're investing around £400 a month on average outside pension arrangements. So the appetite to invest is clearly there. But I wonder how many have seriously considered building an additional source of income rather than focusing entirely on capital appreciation? This is why I believe $MORE deserves their attention. $MORE is a perpetual preferred equity issued by The Smarter Web Company, currently carrying a 12% annual dividend rate, calculated against a £100 reference amount per share, with dividends scheduled weekly. It's a different proposition from buying ordinary shares in the hope that the price appreciates. With $MORE, the primary attraction is the potential income. Let's look at the numbers. At the current dividend rate: 100 shares = £1,200 annually. 250 shares = £3,000 annually. 500 shares = £6,000 annually. That's approximately £23, £58 and £115 a week respectively, before tax. These figures assume the current dividend rate continues and the shares are held for a full year. The actual investment cost depends on the market price, and the dividend rate can change. Now imagine being 35 or 40 years old and beginning to build an investment portfolio that generates an additional income stream. You don't necessarily need that income today. Perhaps you reinvest it, buying additional shares and potentially increasing the dividends received in the future. Perhaps you use part of it to help with household expenses while reinvesting the remainder. Or perhaps you simply want to build investments that could eventually supplement your earnings and give you greater financial flexibility. For Millennials, I think flexibility is enormously valuable. There's another reason I believe income-producing investments deserve consideration: inflation. Millennials have experienced some significant financial shocks during their adult lives, including the 2008 financial crisis, the pandemic and the subsequent surge in inflation and interest rates. They understand what happens when household expenditure increases faster than wages. An additional investment income stream could help offset some of those rising costs, although $MORE isn't inflation-linked and its dividend isn't guaranteed to maintain purchasing power. I also think there's an interesting psychological difference between owning an investment purely for price appreciation and owning one that aims to distribute income regularly. With a growth share, you might spend years waiting for the market to recognise its value. With an income-focused preferred share, you're investing primarily for distributions rather than relying entirely on a higher future selling price. That doesn't make it risk-free. $MORE is an equity investment, not a savings account. Dividends can be suspended, its rate can change, its market value can fall, and The Smarter Web Company's Bitcoin treasury strategy introduces additional risks. The preferred shares do, however, rank ahead of ordinary shareholders and carry cumulative dividend rights. What excites me about $MORE is the opportunity to make the money you've already earned start working for you, potentially generating income every single week, and then having the choice of spending that income or reinvesting it to build something substantially bigger over the years ahead. I think Millennials are reaching the age where building wealth becomes just as much about generating income as accumulating assets. And with another 20 to 30 years potentially ahead before retirement, the ability to reinvest that income could be particularly valuable. That's why I believe $MORE could appeal to this generation. Not because they're looking to get rich overnight, but because many are now thinking seriously about making the money they've already earned work harder for them. Tomorrow: Generation X. A generation approaching retirement, where protecting wealth, generating income and reducing dependence on employment become increasingly important. $MORE $SWC #Millennials #Investing #Dividends

Today we announced our latest ATM update, raising gross proceeds of £592,679 across SWC and MORE. Whilst our Ordinary Share price has not been as strong as I would like, I think our ATM partner has balanced raising capital at a positive mNAV with maintaining discipline on dilution. I believe that as we continue to demonstrate strong execution, our mNAV will expand. Personally, I also think a current mNAV of 1.29 undervalues what we are building, but continuing to generate capital is also important. Ultimately, it is about striking the right balance between funding our ambitions today and aiming to maximise long-term value for shareholders. We also saw our first MORE Preferred Shares sold at £100. A small start, but encouraging. Building a market takes time, and I am excited about MORE's potential. I believe MORE will play a critical role in the future of Smarter Web, offering a compelling proposition for investors while providing the Company with an attractive way to raise capital and support our growth. Our focus remains on growing our operating businesses and Bitcoin treasury, increasing education and awareness, and driving growth in Bitcoin per share, all with the ultimate objective of delivering stronger total shareholder returns over the medium to long term. LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8

RNS Announcement: MORE Weekly Dividend - Preferred Dividend Rate 12% Please read the RNS on our website (link in comments). LSE: #SWC #MORE | OTCQB: $TSWCF | FRA: $3M8

I've been doing quite a bit of research into $MORE since it launched on the London Stock Exchange last Wednesday, and the more I understand the structure, the more interesting I think it becomes. For anyone looking for income from UK-listed investments, an initial 12% annual dividend paid weekly in sterling is difficult to ignore. But I don't think it's simply the 12% that makes MORE interesting. It's the combination of the dividend, the variable-rate mechanism, the reserves behind it and what we've already seen happening with similar products in America. Firstly, let's look at what's available in the UK preference-share market. Lloyds Banking Group 9.25% preference shares (LLPC) are currently yielding approximately 6.7%. Lloyds 9.75% preference shares (LLPD) are yielding around 6.6%. Ecclesiastical Insurance 8.625% preference shares (ELLA) are also yielding approximately 6.6%. Those are running yields based on market prices as of 16 October, rather than the headline coupon rates. All three are established UK preference shares, and investors have been prepared to pay significantly above their £1 nominal amounts to receive that income. Now compare them with MORE. MORE has a £100 dividend reference amount and launched at £90 per share with an initial annual dividend of £12. That represents a 13.33% running yield for those who bought at the IPO price, assuming the dividend rate remains unchanged. That's roughly double the running yield of those established UK preference shares. Naturally, the risks aren't identical. Lloyds and Ecclesiastical are established financial institutions with very different balance sheets. MORE is new, and its issuer has significant exposure to Bitcoin. But I think the yield premium makes it worth investigating. The really interesting comparison, though, is with $STRC and $SATA in America. Strategy's STRC currently carries a 12% annual dividend, calculated on $100 per share, with payments twice monthly. Its dividend rate is variable, and Strategy has made clear that one of its objectives is to encourage the shares to trade consistently close to $100. When STRC trades below that level, management can consider increasing the dividend rate to make the shares more attractive to income investors. A higher dividend can bring additional demand, potentially helping the share price recover towards $100. It's important to understand that this isn't automatic. Strategy considers market conditions, reserves and other factors, and the share price can still fall below $100. Strive, whose ordinary shares trade under $ASST, has developed a similar product called SATA. SATA currently has a 13% annual dividend, paid every business day. Strive tightened its target trading range to $99–$101 earlier this year and has now gone a step further, introducing a binding restriction preventing the company from issuing additional SATA shares below $100. That's a significant difference from a conventional preference share. Strive has demonstrated that SATA can return to around $100, although it hasn't stayed there permanently. The variable dividend and disciplined issuance policy provide tools to help support that objective. Which brings me back to MORE. MORE's initial dividend is 12%, but the board can adjust that rate. It can be increased to a maximum of 20% annually. Reductions are restricted to 0.5 percentage points over any four-week period, and the rate cannot fall below the Bank of England base rate plus 1%. That flexibility could become extremely valuable. If MORE trades below its £100 reference amount, the company has the ability to make the income more attractive by increasing its dividend rate. As an example, at £90 a share, the current £12 annual dividend represents a 13.33% running yield. If the dividend were increased to 14%, the running yield at that same £90 share price would become 15.56%. You can see why variable-rate preferred shares have the potential to attract additional buyers when prices weaken. Of course, increasing dividends also increases the issuer's costs, so it has to be managed responsibly. Another feature I particularly like is that MORE's dividends are cumulative. If a dividend isn't paid, the unpaid amount accumulates rather than disappearing. Those arrears don't earn interest, but while they remain outstanding, restrictions apply to reducing the dividend rate and making distributions to ordinary shareholders. MORE also has a £100 liquidation preference, ranking ahead of ordinary shareholders but behind creditors. And if the company chooses to redeem the shares, the contractual redemption amount is £110 plus accumulated unpaid dividends. That is the company's option, not something shareholders can demand. Now here's something I think deserves far more attention. MORE launched with a dividend cash balance equivalent to approximately TWO YEARS of payments at admission. That's a meaningful starting point for a brand-new income product. The Smarter Web Company, which issues and backs MORE, has also completed a £210 million capital reduction to create distributable reserves. Those aren't £210 million of cash, but they are relevant to the company's legal capacity to make distributions. There's also the Bitcoin treasury and income from its operating businesses, although Bitcoin itself doesn't generate cash income. The two-year cash coverage is based on the position at admission, not a permanent guarantee. If more MORE shares are issued or the dividend rate rises, the dividend obligation grows and the cash balance needs managing accordingly. For me, the next stage is going to be fascinating. MORE has only been trading since 14 October. It needs time to develop liquidity, establish a reliable payment record and build confidence among income investors. STRC and SATA have had longer to establish themselves, build investor followings and demonstrate how variable-rate preferred shares work through changing market conditions. MORE is at the very beginning of that process. What interests me is the potential for the UK income market to start valuing MORE as a serious alternative to more conventional preference shares. A 12% initial dividend, paid weekly in sterling, with a variable-rate mechanism, cumulative dividend protection and approximately two years of initial cash coverage is an unusual proposition in the UK. And if MORE can develop a consistent payment history and meaningful liquidity, I think there could be considerable demand from investors looking for income rather than ordinary-share growth. The UK has a huge investment market, with investors holding income-producing securities in ISAs, SIPPs and other accounts. MORE is eligible for both ISAs and SIPPs, subject to provider availability. I'm not suggesting the price is guaranteed to reach £100, or that a 12% dividend carries the same risk as a traditional bank preference share. But I do think the American experience gives us a very interesting example of what these products can potentially become. And when I compare MORE's initial income proposition with what is currently available in the UK, I can't help thinking this product deserves a lot more attention than it's receiving. It's early days, but I'm very bullish on the potential for $MORE to establish itself in the UK income market. $MORE $SWC $STRC $ASST $SATA