Smarter Web Price Target Soars as Bitcoin Treasury Firm Seeks Perpetual Preferred Shares
Smarter Web, a Bitcoin treasury firm, is poised for significant growth following its proposed perpetual preferred-share offering. TD Cowen has raised its price target on Smarter Web to £0.99 ($0.73) from £0.87 ($0.64), implying about 90% upside from the current share price of £0.385 ($0.52).
The company's proposed deal would give it another source of long-term capital and broaden its funding options, according to TD Cowen analysts led by Lance Vitanza. This move is seen as evidence of increasing sophistication in the Bitcoin treasury ecosystem.
Smarter Web generated about 11.5% year-to-date BTC yield through Sept. 2, despite a headwind from the July 23 repayment of its TOBAM convert, which required the sale of about 178 bitcoin. The company's acquisition activity is expected to gradually return to its fiscal 2025 pace.
TD Cowen also flagged treasury performance and expects Smarter Web's deal to be completed soon, subject to shareholder approval and FCA approval of a prospectus.