TD Cowen has raised its price target for The Smarter Web Company to £0.73 ($0.99) from £0.64 ($0.87) while maintaining its Buy rating, according to reports from TD Cowen. The revised target represents approximately 90% upside from Monday's trading level of £0.385 ($0.52), which was up 1.32% from Friday's close of £0.38 ($0.51). The increase reverses part of TD Cowen's July adjustment when the investment bank cut its target from £1 to £0.64 after updating its Bitcoin forecasts and treasury assumptions.
The price target revision follows Smarter Web's September 11 announcement of considering an initial public offering of perpetual preferred shares under the reserved ticker MORE. As reported by TD Cowen, the company plans to seek between £15 million and £25 million in gross proceeds through the possible offering, with a minimum £10 million fundraising condition. The preferred shares are expected to carry a cumulative variable-rate preferential dividend paid weekly, with holders receiving liquidation preference while the company retains redemption rights. A general meeting has been scheduled for September 28, when ordinary shareholders will vote on changes needed to create the new preferred-share class.
According to TD Cowen, Smarter Web reported a Bitcoin Yield of approximately 11.5% for the year through September 2, despite selling nearly 178 BTC to repay its TOBAM convertible financing. The company sold 177.8909127 BTC to repay the financing early, using Bitcoin originally purchased with proceeds from the instrument. As reported by crypto.news, the $11.7 million repayment took place around two weeks before maturity and removed potential issuance of more than 7.7 million ordinary shares. The repayment left Smarter Web with exactly 2,700 BTC, which it returned to buying soon afterward, purchasing another 11.89 BTC to reach 2,712 BTC in early August.
According to TD Cowen, Bitcoin was approaching $78,000 on Monday and remained approximately 38% below its all-time high near $126,000. The bank's base case assumes Bitcoin reaches roughly $100,000 by December, with upside and downside scenarios of $175,000 and $25,000, respectively. The company began building its Bitcoin treasury in 2025 under its long-term '10 Year Plan' and moved from Aquis to the London Stock Exchange's Main Market in February 2026.
As reported by TD Cowen, the proposed MORE preferred shares could provide another route to raise long-duration capital alongside financing tools already available to Smarter Web's Bitcoin treasury operation. The analysts noted that the initiative demonstrates increasing sophistication across the Bitcoin treasury ecosystem as issuers explore preferred equity, secured credit facilities, and convertible securities. The proposal follows other Bitcoin treasury companies using preferred securities, with Strategy having built several preferred-stock products and Strive using preferred equity as part of its treasury funding structure.
