TD Cowen Raises Smarter Web Price Target Amid Preferred Share Push
The analyst sees 90% upside for the UK's only scaled Bitcoin treasury vehicle following a new capital raising proposal.
TD Cowen has increased its price target for The Smarter Web Company to £0.73 ($0.99), up from £0.64 ($0.87), while maintaining a 'Buy' rating. The revised valuation suggests a potential 90% upside from the stock's current trading price of £0.385.
The upgrade follows the company's proposal to issue a new class of perpetual preferred shares, which will trade under the ticker 'MORE' on the London Stock Exchange's Main Market. This move is designed to raise long-term capital to support the company's aggressive Bitcoin accumulation strategy.
The Bitcoin Treasury Strategy
The Smarter Web Company is currently positioned as the only scaled Bitcoin treasury vehicle listed in the UK. The firm began building its digital asset reserves in April 2025 as part of a broader "10 Year Plan" and subsequently transitioned to the London Stock Exchange's Main Market in February 2026.
To fund its holdings, the company employs a variety of financial mechanisms, including operational revenues, equity raises, and secured borrowing. This strategy has seen some volatility in holdings; in July 2026, the company sold 177.89 BTC to facilitate the early repayment of a TOBAM-backed convertible instrument. This transaction briefly left the company with 2,700 BTC, though subsequent acquisitions increased the total to 2,712 BTC by early August 2026.
Market Implications
Analysts at TD Cowen view the introduction of preferred shares as a sign of maturing financial strategies within the Bitcoin treasury space. According to the firm, the initiative is 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."
For investors, the stock serves as a leveraged play on the price of Bitcoin within the UK equity market. The valuation is closely tied to the performance of the underlying asset, with the analyst's base case relying on Bitcoin reaching $100,000 by December 2026.
What to Watch
Market participants will now monitor the successful issuance and reception of the 'MORE' preferred shares. The company's ability to continue scaling its treasury while managing its debt obligations—such as the recently repaid convertible instrument—will remain a key driver of the stock's performance. While the current trajectory is positive, the stock remains highly sensitive to the volatility of the broader cryptocurrency market.