Key Takeaways
- • TD Cowen raised its price target on The Smarter Web Company to £0.73 ($0.99) from £0.64 ($0.87), maintaining a Buy rating and signaling approximately 90% upside potential from trading levels near £0.385 ($0.52) as of late September 2026.
- • The Smarter Web Company's proposed perpetual preferred-share offering (ticker: MORE) targets £15–£25 million in gross proceeds with a minimum £10 million fundraising condition, expanding the bitcoin treasury firm's capital-markets toolkit with a structure featuring cumulative variable-rate weekly dividends and liquidation preferences but no shareholder voting rights.
- • TD Cowen's analysts, led by Lance Vitanza, view the MORE preferred initiative as evidence of "increasing sophistication across the bitcoin treasury ecosystem," positioning bitcoin treasury strategies as a distinct and maturing asset category beyond traditional digital asset speculation.
- • Smarter Web maintained an 11.5% year-to-date BTC yield through September 2, 2026, despite absorbing a 420 basis point headwind from a July 23 convert repayment that required the sale of approximately 178 bitcoin, demonstrating operational resilience in treasury management.
- • TD Cowen's broader bitcoin outlook reflects confidence in the asset class, with base-case pricing of $100,000 by December 2026, upside scenarios reaching $175,000, and downside floors at $25,000, underpinning institutional strategic positioning in bitcoin-focused treasury vehicles.
Summary
TD Cowen's recent upgrade of The Smarter Web Company reflects a strategic reassessment of bitcoin treasury firms as a distinct investment category within the cryptocurrency ecosystem. The bank raised its price target by 14% to £0.73 ($0.99) while maintaining its Buy rating, citing the company's proposed perpetual preferred-share offering as a transformative capital-markets development. Analysts led by Lance Vitanza emphasized that the MORE preferred structure—which includes cumulative variable-rate weekly dividends, liquidation preferences, and redemption rights—represents institutional-grade financial engineering rather than speculative asset positioning, underscoring how bitcoin treasury strategies have evolved beyond simple HODL mechanics.
The MORE offering targets between £15 million and £25 million in gross proceeds, subject to a minimum £10 million threshold and pending shareholder approval and Financial Conduct Authority prospectus clearance. The structure notably excludes shareholder voting rights, positioning it as a specialized capital instrument designed to fund ongoing bitcoin accumulation without diluting existing equity holders' governance. TD Cowen's characterization of this development as evidence of "increasing sophistication across the bitcoin treasury ecosystem" signals institutional acceptance of these vehicles as a legitimate asset class worthy of structured financing solutions typically reserved for conventional corporate finance.
Smarter Web's operational performance validates this thesis. Despite executing a forced 178-bitcoin sale on July 23, 2026 to repay a TOBAM convert—a headwind of approximately 420 basis points—the company generated an 11.5% year-to-date BTC yield through September 2. This performance demonstrates the resilience of treasury operations during capital restructuring events and reinforces investor confidence in management's execution.
TD Cowen's broader bitcoin macro view provides additional context for the upgrade. The bank's base-case scenario targets $100,000 by December 2026, with upside reaching $175,000 and downside protection at $25,000. This multiscenario framework reflects institutional positioning around bitcoin as both a macroeconomic hedge and a structural asset class, further validating treasury firm valuations tied to net bitcoin holdings and yield generation. The upgrade carries material implications for institutional allocators evaluating bitcoin exposure through treasury vehicles versus spot holdings or derivative strategies.
The MORE offering targets between £15 million and £25 million in gross proceeds, subject to a minimum £10 million threshold and pending shareholder approval and Financial Conduct Authority prospectus clearance. The structure notably excludes shareholder voting rights, positioning it as a specialized capital instrument designed to fund ongoing bitcoin accumulation without diluting existing equity holders' governance. TD Cowen's characterization of this development as evidence of "increasing sophistication across the bitcoin treasury ecosystem" signals institutional acceptance of these vehicles as a legitimate asset class worthy of structured financing solutions typically reserved for conventional corporate finance.
Smarter Web's operational performance validates this thesis. Despite executing a forced 178-bitcoin sale on July 23, 2026 to repay a TOBAM convert—a headwind of approximately 420 basis points—the company generated an 11.5% year-to-date BTC yield through September 2. This performance demonstrates the resilience of treasury operations during capital restructuring events and reinforces investor confidence in management's execution.
TD Cowen's broader bitcoin macro view provides additional context for the upgrade. The bank's base-case scenario targets $100,000 by December 2026, with upside reaching $175,000 and downside protection at $25,000. This multiscenario framework reflects institutional positioning around bitcoin as both a macroeconomic hedge and a structural asset class, further validating treasury firm valuations tied to net bitcoin holdings and yield generation. The upgrade carries material implications for institutional allocators evaluating bitcoin exposure through treasury vehicles versus spot holdings or derivative strategies.
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