Smarter Web Price Target Soars 90% Amid Proposed IPO Plans

TD Cowen has raised its price target for The Smarter Web Company to £0.73 per share, representing approximately 90% upside from current levels.

The investment bank maintained its Buy rating on Smarter Web and highlighted the company's proposed MORE preferred share IPO as a key 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 aims to raise between £15M and £25M in gross proceeds by creating a new class of non-voting, cumulative variable dividend-paying shares with liquidation preferences and redemption rights.

The proposed IPO is contingent on raising at least £10M and having 50% or more of the shares end up in public hands. If successful, it would provide institutional allocators with a way to get Bitcoin-adjacent exposure with downside protections baked in through the liquidation preferences and cumulative dividends.

The investment bank noted that Smarter Web occupies a niche as the only scaled Bitcoin treasury vehicle available to UK institutional investors, and the proposed IPO could help expand funding options for the company's Bitcoin accumulation strategy and broader business operations.