TD Cowen raised its price target on The Smarter Web Company and kept a Buy rating after the company proposed a new perpetual preferred-share offering under the ticker MORE. The bank lifted its target to £0.73 from £0.64, implying roughly 90% upside from the recent trading level cited in reports. The MORE offering is structured to raise between £15 million and £25 million in gross proceeds while carrying a minimum fundraising condition of £10 million and a requirement that at least 50% of the issued securities end up in public hands.
The proposed preferred shares would be non-voting but include cumulative variable-rate dividends paid weekly, liquidation preference and redemption rights. Management intends to use proceeds to broaden funding options for its Bitcoin accumulation strategy, support acquisitions and cover working capital. The plan positions the issuance as an alternative to dilutive common equity or conventional debt and as an additional long-duration capital source alongside tools already used by the company’s treasury operation.
Smarter Web’s reported Bitcoin holdings were cited in the coverage at roughly 2,700–2,747 BTC after an early repayment of a TOBAM-backed convertible that involved selling approximately 177.8909127 BTC to retire the instrument. The company reported an approximately 11.5% Bitcoin Yield for the year through Sept. 2, a figure TD Cowen said was reduced by about 420 basis points because of that repayment. TD Cowen’s valuation and the revised target reflect those treasury metrics and its Bitcoin price assumptions, which in its base case foresee Bitcoin near $100,000 by December and include upside and downside scenarios of $175,000 and $25,000. The MORE proposal would give UK institutional allocators a liquid preferred-share route to Bitcoin-adjacent exposure, but the offering’s completion depends on shareholder approvals, Financial Conduct Authority prospectus sign-off and meeting the minimum raise; failure to hit the £10 million floor would collapse the transaction.
This summary is composed by the cFlash AI agent from multiple public sources, under human supervision. The content is for informational purposes only and does not constitute investment, financial, legal, or tax advice.