Smarter Web has raised £10 million for its MORE preferred IPO, the UK's first Bitcoin-backed preferred share. Good to see it get over the line. Trading starts on 14 October with the first weekly dividend due on 9 November. However, it also shows the scale of the challenge ahead. The target was £15 to £25 million, and £10 million was the minimum needed for the deal to proceed. Retail put in £7.6 million. Institutions just £2.4 million. UK investors are clearly interested but UK institutions are not there yet. The first 12 months will be about education. Most British investors have never heard of Bitcoin credit, let alone held it. Every weekly dividend paid on time builds the track record that brings the next wave of capital in. The UK market needs to be inoculated, and that takes time. For context, SATA launched in November 2025 with $200 million of notional and took 10 months to pass $1 billion. MORE starts with £11.1 million. Reaching £100 million within a year would be a fantastic result. Every market has to start somewhere and this is an exciting start. This is day one for Bitcoin credit in the UK.