TD Cowen has raised its price target for The Smarter Web Company, citing the firm’s proposed preferred-share offering as a potential new source of long-term capital.
The investment bank increased its price target for Smarter Web to £0.73 ($0.99) from £0.64 ($0.87) while maintaining its Buy rating.
Based on Smarter Web’s Monday share price of £0.385 ($0.52), the revised target suggests potential upside of roughly 90%.
The upgrade comes as the London-listed Bitcoin treasury company moves forward with plans for a new class of perpetual preferred shares under the reserved ticker MORE.
TD Cowen analysts believe the structure could strengthen Smarter Web’s financing options and provide additional capital to support its Bitcoin treasury strategy.
TD Cowen Raises Smarter Web Price Target
TD Cowen analysts led by Lance Vitanza said the proposed MORE preferred shares could give Smarter Web another way to raise long-term capital.
The company’s shares traded at £0.385 on Monday, up around 1.32% from Friday’s closing price of £0.38.
At that level, TD Cowen’s new £0.73 price target represents approximately 90% potential upside.
The latest increase partially reverses an adjustment made in July, when TD Cowen lowered its Smarter Web price target from £1 to £0.64 after revising its Bitcoin forecasts and assumptions related to the company’s treasury strategy.
The analysts now appear more optimistic about the company’s ability to broaden its financing options.
MORE Preferred Shares Could Add New Funding Source
Smarter Web announced on Sept. 11 that it was considering an initial public offering of a new class of perpetual preferred shares using the reserved ticker MORE.
TD Cowen believes the proposed preferred shares could provide another source of long-duration capital alongside the company’s existing financing tools.
The analysts said the move also reflects growing sophistication among Bitcoin treasury companies, which are increasingly exploring different ways to finance their operations.
These financing methods can include preferred equity, secured credit facilities, convertible securities and other forms of structured capital.
Smarter Web plans to raise between £15 million and £25 million in gross proceeds through the potential preferred-share offering.
The company has set a minimum fundraising condition of £10 million.
However, the offering still depends on several requirements, including shareholder approval and approval of a prospectus by the Financial Conduct Authority.
Smarter Web Sets Sept. 28 Shareholder Vote
Smarter Web has scheduled a general meeting for Sept. 28.
During the meeting, ordinary shareholders will vote on the changes required to create the new preferred-share class.
If the necessary conditions are met, the MORE preferred shares are expected to be admitted to the Main Market of the London Stock Exchange.
The preferred shares are expected to pay a cumulative variable-rate preferential dividend on a weekly basis.
Investors would also receive a liquidation preference, while Smarter Web would retain certain redemption rights.
The MORE shares would not provide voting rights at company general meetings.
Bitcoin Treasury Companies Turn to Preferred Shares
Smarter Web is not the only Bitcoin treasury company exploring preferred equity as a source of capital.
Strategy has introduced several preferred-stock products as part of its Bitcoin financing model.
Strive has also used preferred equity to support its treasury funding strategy.
Strategy’s STRC preferred stock was listed by Binance in July after the company expanded its use of the security for funding and dividend-related capital management.
Bitfinex Securities later introduced tokenized treasury products linked to several publicly traded Bitcoin holders.
One of those products provides economic exposure to Strategy’s STRC preferred shares.
These developments highlight how Bitcoin treasury companies are moving beyond traditional equity raises and debt financing as they look for more flexible ways to fund Bitcoin acquisitions.
Smarter Web Bitcoin Treasury Performance Remains Important
TD Cowen’s updated price target also reflects its assessment of Smarter Web’s Bitcoin treasury performance.
The company reported a Bitcoin Yield of approximately 11.5% for the year through Sept. 2.
TD Cowen said this performance was achieved despite an estimated 420 basis point drag caused by the early repayment of Smarter Web’s TOBAM-backed Smarter Convert financing on July 23.
Smarter Web sold 177.8909127 BTC to repay the financing.
The Bitcoin used in the repayment had originally been purchased using proceeds from the convertible instrument.
The repayment totaled approximately $11.7 million and took place around two weeks before maturity.
By repaying the financing early, Smarter Web also avoided the potential issuance of more than 7.7 million ordinary shares linked to the convertible structure.
Chief executive Andrew Webley said the convertible instrument had been useful during an earlier phase of the company’s treasury expansion.
However, management no longer viewed convertible financing as its preferred funding option.
Smarter Web Returns to Bitcoin Buying
Following the financing repayment, Smarter Web’s Bitcoin holdings fell to exactly 2,700 BTC.
The company resumed buying Bitcoin shortly afterward.
It purchased another 11.89 BTC, increasing its holdings to 2,712 BTC in early August.
At the time, the purchase moved Smarter Web to 28th place in BitcoinTreasuries’ ranking of publicly traded corporate Bitcoin holders.
Smarter Web has used several different financing methods while building its Bitcoin treasury.
In May, the company disclosed that it had drawn £18 million from a Coinbase credit facility secured by Bitcoin.
Its leverage ratio stood at approximately 12.19%.
The credit facility carried a variable interest rate ranging from 6.75% to 7.25% and could be repaid without penalty.
At one point, Smarter Web had increased its Bitcoin holdings to 2,869 BTC after buying another 10 BTC at an average price of £55,786 per coin.
The company’s total Bitcoin investment stood at approximately £232.48 million, with an average acquisition price of £81,032 per BTC.
TD Cowen Bitcoin Forecast Supports Smarter Web Valuation
Bitcoin was trading near $78,000 on Monday and remained roughly 38% below its all-time high of around $126,000.
TD Cowen’s valuation of Smarter Web is closely linked to its outlook for Bitcoin.
The investment bank’s base-case forecast expects Bitcoin to reach approximately $100,000 by December.
Its bullish scenario projects Bitcoin reaching $175,000, while its downside scenario assumes the cryptocurrency could fall to $25,000.
TD Cowen previously revised its Smarter Web valuation in July after changing its assumptions about future Bitcoin prices.
At that time, the bank valued Smarter Web’s treasury operations at £63 million and estimated that its Bitcoin holdings could be worth £229 million by the end of 2026.
After factoring in an estimated £18 million of net debt, TD Cowen calculated an equity value of approximately £274 million.
That valuation translated to around £0.64 per share based on 426 million fully diluted shares.
Smarter Web Continues Long-Term Bitcoin Strategy
Smarter Web began building its Bitcoin treasury in 2025 under its long-term “10 Year Plan.”
The company had already started accepting Bitcoin payments in 2022 before later making BTC accumulation a formal part of its corporate treasury strategy.
Its Bitcoin holdings grew quickly during 2025 and 2026 as the company repeatedly purchased BTC.
To finance its strategy, Smarter Web has used a combination of equity raises, convertible financing and secured borrowing.
The company also moved from Aquis to the London Stock Exchange’s Main Market in February 2026.
TD Cowen expects Smarter Web’s Bitcoin acquisition activity to gradually return to the pace seen during fiscal 2025.
The analysts appear to view the proposed MORE preferred shares as another step in the evolution of the company’s financing strategy.
If successful, the offering could provide Smarter Web with additional long-term capital while allowing the company to continue developing both its Bitcoin treasury and operating businesses.
