{"id":16568,"date":"2026-09-14T17:55:47","date_gmt":"2026-09-14T17:55:47","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=16568"},"modified":"2026-09-14T17:56:24","modified_gmt":"2026-09-14T17:56:24","slug":"td-cowen-sees-90-upside-for-smarter-web-as-preferred-share-plan-advances","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2026\/09\/14\/td-cowen-sees-90-upside-for-smarter-web-as-preferred-share-plan-advances\/","title":{"rendered":"TD Cowen Sees 90% Upside for Smarter Web as Preferred Share Plan Advances"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">TD Cowen has raised its price target for The Smarter Web Company, citing the firm\u2019s proposed preferred-share offering as a potential new source of long-term capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The investment bank increased its price target for Smarter Web to \u00a30.73 ($0.99) from \u00a30.64 ($0.87) while maintaining its Buy rating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Based on Smarter Web\u2019s Monday share price of \u00a30.385 ($0.52), the revised target suggests potential upside of roughly 90%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen analysts believe the structure could strengthen Smarter Web\u2019s financing options and provide additional capital to support its Bitcoin treasury strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TD Cowen Raises Smarter Web Price Target<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen analysts led by Lance Vitanza said the proposed MORE preferred shares could give Smarter Web another way to raise long-term capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s shares traded at \u00a30.385 on Monday, up around 1.32% from Friday\u2019s closing price of \u00a30.38.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At that level, TD Cowen\u2019s new \u00a30.73 price target represents approximately 90% potential upside.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The latest increase partially reverses an adjustment made in July, when TD Cowen lowered its Smarter Web price target from \u00a31 to \u00a30.64 after revising its Bitcoin forecasts and assumptions related to the company\u2019s treasury strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysts now appear more optimistic about the company\u2019s ability to broaden its financing options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">MORE Preferred Shares Could Add New Funding Source<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen believes the proposed preferred shares could provide another source of long-duration capital alongside the company\u2019s existing financing tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysts said the move also reflects growing sophistication among Bitcoin treasury companies, which are increasingly exploring different ways to finance their operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These financing methods can include preferred equity, secured credit facilities, convertible securities and other forms of structured capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web plans to raise between \u00a315 million and \u00a325 million in gross proceeds through the potential preferred-share offering.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company has set a minimum fundraising condition of \u00a310 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the offering still depends on several requirements, including shareholder approval and approval of a prospectus by the Financial Conduct Authority.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Smarter Web Sets Sept. 28 Shareholder Vote<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web has scheduled a general meeting for Sept. 28.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During the meeting, ordinary shareholders will vote on the changes required to create the new preferred-share class.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the necessary conditions are met, the MORE preferred shares are expected to be admitted to the Main Market of the London Stock Exchange.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The preferred shares are expected to pay a cumulative variable-rate preferential dividend on a weekly basis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investors would also receive a liquidation preference, while Smarter Web would retain certain redemption rights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MORE shares would not provide voting rights at company general meetings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin Treasury Companies Turn to Preferred Shares<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web is not the only Bitcoin treasury company exploring preferred equity as a source of capital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Strategy has introduced several preferred-stock products as part of its Bitcoin financing model.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Strive has also used preferred equity to support its treasury funding strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Strategy\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bitfinex Securities later introduced tokenized treasury products linked to several publicly traded Bitcoin holders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of those products provides economic exposure to Strategy\u2019s STRC preferred shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Smarter Web Bitcoin Treasury Performance Remains Important<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen\u2019s updated price target also reflects its assessment of Smarter Web\u2019s Bitcoin treasury performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company reported a Bitcoin Yield of approximately 11.5% for the year through Sept. 2.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen said this performance was achieved despite an estimated 420 basis point drag caused by the early repayment of Smarter Web\u2019s TOBAM-backed Smarter Convert financing on July 23.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web sold 177.8909127 BTC to repay the financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Bitcoin used in the repayment had originally been purchased using proceeds from the convertible instrument.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The repayment totaled approximately $11.7 million and took place around two weeks before maturity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chief executive Andrew Webley said the convertible instrument had been useful during an earlier phase of the company\u2019s treasury expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, management no longer viewed convertible financing as its preferred funding option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Smarter Web Returns to Bitcoin Buying<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Following the financing repayment, Smarter Web\u2019s Bitcoin holdings fell to exactly 2,700 BTC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company resumed buying Bitcoin shortly afterward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It purchased another 11.89 BTC, increasing its holdings to 2,712 BTC in early August.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time, the purchase moved Smarter Web to 28th place in BitcoinTreasuries\u2019 ranking of publicly traded corporate Bitcoin holders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web has used several different financing methods while building its Bitcoin treasury.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In May, the company disclosed that it had drawn \u00a318 million from a Coinbase credit facility secured by Bitcoin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Its leverage ratio stood at approximately 12.19%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The credit facility carried a variable interest rate ranging from 6.75% to 7.25% and could be repaid without penalty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At one point, Smarter Web had increased its Bitcoin holdings to 2,869 BTC after buying another 10 BTC at an average price of \u00a355,786 per coin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s total Bitcoin investment stood at approximately \u00a3232.48 million, with an average acquisition price of \u00a381,032 per BTC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TD Cowen Bitcoin Forecast Supports Smarter Web Valuation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bitcoin was trading near $78,000 on Monday and remained roughly 38% below its all-time high of around $126,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen\u2019s valuation of Smarter Web is closely linked to its outlook for Bitcoin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The investment bank\u2019s base-case forecast expects Bitcoin to reach approximately $100,000 by December.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Its bullish scenario projects Bitcoin reaching $175,000, while its downside scenario assumes the cryptocurrency could fall to $25,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen previously revised its Smarter Web valuation in July after changing its assumptions about future Bitcoin prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At that time, the bank valued Smarter Web\u2019s treasury operations at \u00a363 million and estimated that its Bitcoin holdings could be worth \u00a3229 million by the end of 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After factoring in an estimated \u00a318 million of net debt, TD Cowen calculated an equity value of approximately \u00a3274 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That valuation translated to around \u00a30.64 per share based on 426 million fully diluted shares.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Smarter Web Continues Long-Term Bitcoin Strategy<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Smarter Web began building its Bitcoin treasury in 2025 under its long-term \u201c10 Year Plan.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company had already started accepting Bitcoin payments in 2022 before later making BTC accumulation a formal part of its corporate treasury strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Its Bitcoin holdings grew quickly during 2025 and 2026 as the company repeatedly purchased BTC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To finance its strategy, Smarter Web has used a combination of equity raises, convertible financing and secured borrowing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company also moved from Aquis to the London Stock Exchange\u2019s Main Market in February 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TD Cowen expects Smarter Web\u2019s Bitcoin acquisition activity to gradually return to the pace seen during fiscal 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The analysts appear to view the proposed MORE preferred shares as another step in the evolution of the company\u2019s financing strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TD Cowen has raised its price target for The Smarter Web Company, citing the firm\u2019s proposed preferred-share offering as a potential new source of long-term capital. The investment bank increased its price target for Smarter Web to \u00a30.73 ($0.99) from \u00a30.64 ($0.87) while maintaining its Buy rating. Based on Smarter Web\u2019s Monday share price of&#8230;<\/p>\n","protected":false},"author":3,"featured_media":16569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[65,173,2111],"class_list":["post-16568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-crypto","tag-target","tag-td-cowen"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TD Cowen Sees 90% Upside for Smarter Web as Preferred Share Plan Advances - Crypto News<\/title>\n<meta name=\"description\" content=\"TD Cowen raises Smarter Web\u2019s price target to \u00a30.73, implying nearly 90% upside as the Bitcoin treasury firm advances its MORE preferred-share plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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