TD Cowen raised its valuation target for The Smarter Web Company to 73 pence ($0.99), up from 64 pence ($0.87), while retaining a Buy recommendation.
The new target is approximately 90% above Smarter Web’s Monday trading price. The revision follows progress on MORE, a proposed preferred-share structure designed to give the Bitcoin treasury company another source of long-term capital.
Smarter Web traded at 38.5 pence ($0.52) on Monday, compared with 38 pence ($0.51) at Friday’s close. The increase equaled 1.32%, according to London Stock Exchange data.
MORE Creates Another Financing Path
In client research issued Monday, a TD Cowen team led by Lance Vitanza examined how MORE could affect the company’s access to capital. If the plan is completed, Smarter Web would gain an additional mechanism for funding its operations and growth over the long term.
The analysts placed the proposal within a broader shift among Bitcoin treasury companies toward more diversified financing models. These structures include preferred equity, collateral-backed borrowing, convertible securities and other forms of structured funding.
How MORE Is Intended to Work
Details announced by Smarter Web last week indicate that MORE would pay investors weekly dividends. The dividend rate would vary, and because the payments are cumulative, any missed distributions would remain payable.
Holders of MORE would receive preferential treatment under the security’s liquidation terms and would also benefit from its redemption provisions. However, ownership would not carry voting rights on shareholder matters.
The proposal still requires approval from shareholders and clearance from the Financial Conduct Authority for the related prospectus.
Smarter Web Reports 11.5% Year-to-Date BTC Yield
Smarter Web’s treasury performance was also considered in TD Cowen’s assessment. The company calculated its BTC Yield at approximately 11.5% from the start of the year through Sept. 2.
That result included a drag of roughly 420 basis points associated with the July 23 repayment of the TOBAM conversion. The repayment required Smarter Web to dispose of approximately 178 Bitcoin.
TD Cowen Outlines Broad Bitcoin Price Scenarios
CoinGecko data showed Bitcoin approaching $78,000 on Monday. Even at that level, the largest cryptocurrency by market capitalization remained about 38% below its peak of nearly $126,000.
For December, TD Cowen’s central projection assumes Bitcoin around $100,000. Its more optimistic scenario puts BTC at $175,000, while the weakest case assigns a value of $25,000.
TD Cowen also expects Smarter Web’s acquisition pace to increase gradually until it reaches roughly the level recorded in fiscal 2025.
