TD Cowen sees 90% upside for Smarter Web after proposed MORE IPO

TD Cowen has lifted its price target on The Smarter Web Company to £0.73, roughly $0.99 per share, implying approximately 90% upside from current levels. The investment bank maintained its Buy rating, pointing to the company's proposed MORE preferred share IPO as the catalyst for improved capital efficiency and a broader funding toolkit.

Smarter Web currently holds 2,747 BTC on its balance sheet, making it the only scaled Bitcoin treasury vehicle accessible to UK institutional investors.

The MORE preferred share offering is designed to raise between £15M and £25M in gross proceeds. Instead of diluting existing common shareholders or taking on traditional debt, Smarter Web is creating a new class of preferred shares specifically structured to fund its Bitcoin accumulation strategy and broader business operations.

These preferred shares will be non-voting, meaning existing shareholders retain full governance control. They carry cumulative variable dividends, liquidation preferences, and redemption rights.

The IPO is contingent on raising at least £10M and having 50% or more of the shares end up in public hands.

The Bitcoin treasury model, popularized by Michael Saylor's Strategy (formerly MicroStrategy) in the US, works on a simple feedback loop: raise capital, buy Bitcoin, let Bitcoin appreciation increase the company's value per share, then raise more capital at higher valuations to buy more Bitcoin. Strategy itself has used convertible notes, at-the-market equity offerings, and preferred stock issuances to fund its Bitcoin purchases.