TD Cowen Raises Smarter Web Price Target
TD Cowen has raised its price target for The Smarter Web Company to £0.73 ($0.99) from £0.64 ($0.87), while maintaining a Buy rating on the London-listed Bitcoin treasury company.
The revised target represents roughly 90% upside from Smarter Web's Monday trading price of about £0.385, according to London Stock Exchange data.
The upgrade follows Smarter Web's proposal to launch a new class of perpetual preferred shares under the reserved ticker MORE. TD Cowen believes the securities could give the company another source of long-term capital as it continues expanding its Bitcoin treasury.
The proposed offering also highlights a broader trend among corporate Bitcoin holders: using multiple financing instruments rather than relying solely on common-stock issuance or convertible debt.
MORE Preferred Shares Could Expand Bitcoin Financing
Smarter Web announced on September 11 that it is considering an initial public offering of new perpetual preferred shares.
The company is targeting £15 million to £25 million in gross proceeds, with a minimum fundraising condition of £10 million. The proposed securities would be non-voting and are expected to carry a cumulative variable-rate preferential dividend paid weekly.
The shares would also include a liquidation preference and company redemption rights.
However, the offering remains conditional. Smarter Web must secure shareholder approval and meet regulatory requirements, including approval of a prospectus by the UK's Financial Conduct Authority. The company has scheduled a general meeting for September 28 to seek approval for the new preferred-share class.
The company has also made clear that it may ultimately decide not to proceed with the proposed IPO.
Bitcoin Treasury Companies Turn to Preferred Capital
TD Cowen views the proposed MORE structure as evidence of increasing sophistication across the Bitcoin treasury sector.
Companies holding large amounts of BTC are increasingly experimenting with preferred equity, secured credit facilities, convertible securities and other structured financing methods to fund their strategies.
Strategy has become the most prominent example, using multiple preferred-stock products as part of its broader Bitcoin financing structure. Other treasury companies, including Strive, have also adopted preferred securities.
The development gives Bitcoin treasury companies additional ways to raise capital without relying exclusively on common equity issuance.
For shareholders, however, the structures can introduce additional claims on corporate cash flows and assets, making the capital stack increasingly important to the valuation of Bitcoin-focused companies.
Smarter Web's Bitcoin Holdings Remain Central
Smarter Web's valuation remains heavily linked to its Bitcoin treasury.
The company began building its Bitcoin treasury in 2025 and has used a combination of equity financing, convertible instruments and secured borrowing to fund BTC purchases.
The company's strategy has made it one of the largest publicly traded corporate Bitcoin holders in the UK. Its treasury expansion has also attracted institutional attention as the Bitcoin treasury-company model becomes more established.
TD Cowen's latest valuation therefore depends not only on Bitcoin's price but also on how effectively Smarter Web can raise capital and convert that funding into additional BTC exposure.
Financing Decisions Can Change Bitcoin Exposure
Smarter Web's recent financing activity illustrates the trade-offs involved in corporate Bitcoin accumulation.
The company previously repaid its TOBAM-backed Smarter Convert instrument by selling 177.89 BTC. The repayment removed the possibility of more than 7.7 million ordinary shares being issued under the convertible structure.
The company subsequently resumed Bitcoin purchases, demonstrating how financing decisions can directly influence the pace at which a corporate treasury accumulates BTC.
This makes the proposed MORE offering particularly important. If completed successfully, the preferred-share structure could provide Smarter Web with another pool of capital while reducing its dependence on some forms of convertible financing.
TD Cowen's Bitcoin Outlook Supports the Valuation
TD Cowen's valuation remains closely connected to its Bitcoin price assumptions.
The bank's current base case assumes Bitcoin reaches approximately $100,000 by the end of 2026, while its upside scenario reaches $175,000. Its downside case assumes Bitcoin could fall as low as $25,000.
These scenarios demonstrate the sensitivity of Bitcoin treasury companies to BTC's price.
When Bitcoin rises, the value of a company's holdings can increase substantially, potentially improving its ability to raise additional capital. But a prolonged decline can reduce treasury values while increasing pressure from debt, preferred dividends and other financing obligations.
That makes capital structure just as important as Bitcoin accumulation for investors evaluating treasury companies.
Bitcoin Treasury Model Continues to Evolve
Smarter Web's proposed MORE shares reflect a broader evolution in the corporate Bitcoin market.
Early Bitcoin treasury strategies largely centered on buying BTC through common-equity issuance or corporate cash. As the sector has matured, companies have increasingly introduced preferred securities, debt facilities and other structured products.
The goal is to create additional financing flexibility while maintaining or increasing Bitcoin exposure.
For Bitcoin itself, this trend could contribute to another layer of institutional demand as publicly traded companies develop increasingly sophisticated ways to acquire and hold BTC.
Conclusion
TD Cowen's decision to raise its Smarter Web price target to £0.73 highlights growing confidence in the company's Bitcoin treasury strategy and its ability to access new forms of capital.
The proposed MORE preferred-share offering could provide Smarter Web with another long-term financing channel if shareholder and regulatory approvals are secured.
But the investment case remains closely tied to Bitcoin's price, treasury growth and the company's ability to manage its increasingly complex capital structure.
As more public companies build Bitcoin reserves, preferred equity and structured financing could become an increasingly important part of the institutional Bitcoin market.
