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, following the Bitcoin treasury firm’s proposal for a new perpetual preferred-share offering.
In a Monday note to clients, analysts led by Lance Vitanza said the planned MORE preferred shares could provide another source of long-term capital and expand financing options for the London-listed company. Shares traded at £0.385 ($0.52) on Monday, up 1.32% from Friday’s close of £0.38 ($0.51), according to London Stock Exchange data. The revised target implies roughly 90% upside from Monday’s trading level.
The increase partially reverses TD Cowen’s July adjustment, when the investment bank lowered its target from £1 to £0.64 after updating Bitcoin forecasts and treasury assumptions.
Preferred Shares to Expand Capital Options
The revised valuation follows Smarter Web’s September 11 announcement that it is considering an initial public offering of a new class of perpetual preferred shares under the reserved ticker MORE. TD Cowen said the proposed structure could give the company another route to raise long-duration capital alongside existing financing tools for its Bitcoin treasury operation.
“More broadly, we view the initiative as evidence of increasing sophistication across the bitcoin treasury ecosystem as issuers explore preferred equity, secured credit facilities, convertible securities, and other forms of structured capital,” the analysts wrote.
Smarter Web plans to raise between £15 million and £25 million in gross proceeds through the potential offering, with a minimum £10 million fundraising condition. Admission depends on shareholder approval and Financial Conduct Authority approval of a prospectus. The preferred shares are expected to carry a cumulative variable-rate preferential dividend paid weekly, include a liquidation preference, and grant the company redemption rights. MORE shares would not carry voting rights at general meetings. A general meeting is scheduled for September 28 for ordinary shareholders to vote on changes needed to create the new preferred-share class. If conditions are met, the securities are intended for admission to the Main Market of the London Stock Exchange.
The proposal follows other Bitcoin treasury companies using preferred securities to raise capital. Strategy has built several preferred-stock products around its Bitcoin financing model, while Strive has used preferred equity as part of its treasury funding structure. 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 listed tokenized treasury products linked to several public Bitcoin holders, including a product providing economic exposure to Strategy’s STRC preferred shares.
Bitcoin Treasury Performance and Recent Activity
TD Cowen’s revised target came as analysts assessed Smarter Web’s Bitcoin treasury performance following a financing repayment that temporarily reduced its holdings. The company reported a Bitcoin Yield of approximately 11.5% for the year through September 2, despite an approximately 420 basis point drag caused by the July 23 repayment of the TOBAM-backed Smarter Convert instrument.
Smarter Web sold 177.8909127 BTC to repay the financing early, using Bitcoin originally purchased with proceeds from the instrument. As crypto.news previously reported, the $11.7 million repayment occurred around two weeks before maturity and removed the potential issuance of more than 7.7 million ordinary shares associated with the convertible structure. Chief executive Andrew Webley said at the time that the convertible had provided an alternative financing source during an earlier stage of the company’s treasury expansion, but management no longer considered convertible instruments the preferred funding option for its current position.
The repayment left Smarter Web with exactly 2,700 BTC. It resumed buying soon afterward, purchasing another 11.89 BTC and bringing holdings to 2,712 BTC in early August. That purchase moved the company to 28th place in BitcoinTreasuries’ ranking of public corporate Bitcoin holders at the time.
Smarter Web has used several funding channels during its treasury expansion. In May, the company disclosed it had drawn £18 million from a Coinbase credit facility secured against Bitcoin, with a leverage ratio of roughly 12.19%. The facility carried a variable interest rate of 6.75% to 7.25% and could be repaid without penalty. At the time, the company had increased its holdings to 2,869 BTC after purchasing 10 BTC at an average price of £55,786 per coin. Its total investment in Bitcoin stood at £232.48 million, with an average acquisition cost of £81,032 per BTC.
Valuation Underpinned by Bitcoin Price Forecasts
Bitcoin was approaching $78,000 on Monday and remained approximately 38% below its all-time high near $126,000. TD Cowen’s base case assumes Bitcoin reaches roughly $100,000 by December. Its upside scenario puts the cryptocurrency at $175,000, while the downside case assumes a decline to $25,000.
The bank had previously revised its Smarter Web valuation in July after changing its Bitcoin price assumptions. At that point, TD Cowen assigned £63 million to the company’s treasury operations and projected year-end 2026 Bitcoin holdings worth £229 million. After accounting for an estimated £18 million of net debt, the analysts arrived at an equity value of £274 million, equivalent to £0.64 per share based on 426 million fully diluted shares.
Company Background and Growth Strategy
Smarter Web began building its Bitcoin treasury in 2025 under its long-term “10 Year Plan.” The company started accepting Bitcoin payments in 2022 before making BTC accumulation part of its corporate treasury policy. Its Bitcoin position expanded quickly through repeated purchases during 2025 and 2026, supported by equity raises, convertible financing, and secured borrowing. The firm moved from Aquis to the London Stock Exchange’s Main Market in February 2026. TD Cowen expects Smarter Web’s acquisition activity to gradually return to the pace recorded during fiscal 2025 as the company continues developing its treasury and operating businesses.
