Catenaa, Tuesday, September 22, 2026-TD Cowen has raised its price target for The Smarter Web Company to 73 pence from 64 pence, citing the bitcoin treasury firm’s proposed MORE preferred-share offering and expanding capital-markets strategy.
The investment bank maintained its Buy rating on the London-listed company.
Smarter Web shares traded around 38.5 pence Monday, meaning TD Cowen’s new target stands about 90% above that level.
The analysts said the proposed preferred shares could give the company another source of long-term capital if the offering receives required approvals.
Smarter Web said last week that MORE would be structured as perpetual preferred shares carrying a cumulative variable-rate dividend paid weekly.
The securities would also have liquidation preference and redemption rights but no voting rights.
The plan remains subject to shareholder approval and approval of a prospectus by the UK Financial Conduct Authority.
TD Cowen said the proposed structure reflects a wider trend among bitcoin treasury companies that are experimenting with preferred equity, convertible securities, credit facilities and other financing tools.
That model has been popularized by Strategy, which has increasingly used multiple classes of preferred stock and other securities to raise capital while maintaining its large bitcoin position.
Bitcoin treasury companies seek to increase bitcoin holdings per share by raising capital at terms that are favorable relative to the value of their existing holdings.
The strategy becomes more difficult when share prices fall close to, or below, the value of the bitcoin held by the company.
Smarter Web has already faced that pressure.
The company sold about 178 bitcoin in July to repay a convertible instrument issued to asset manager TOBAM after concluding that the financing structure was no longer appropriate.
Despite that sale, Smarter Web reported a year-to-date BTC Yield of about 11.5% through September 2.
BTC Yield is a company-defined measure intended to show changes in bitcoin holdings relative to diluted shares outstanding. It is not the same as investment return or accounting profit.
TD Cowen said the July repayment reduced the company’s BTC Yield by about 4.2 percentage points.
The bank expects Smarter Web’s acquisition activity to gradually return toward levels seen during fiscal 2025.
Its valuation also depends heavily on bitcoin prices.
TD Cowen’s base case assumes bitcoin reaches about $100,000 by December. The bank also outlined scenarios ranging from $25,000 to $175,000.
Bitcoin was trading near $78,000 when the report was issued, well below its October 2025 record near $126,000.
The MORE proposal shows how bitcoin treasury companies are increasingly looking beyond common-stock issuance to fund expansion while limiting dilution.
For Smarter Web, the next step will be securing shareholder and regulatory approval before the preferred-share plan can proceed.
