TD Cowen has raised its price target for The Smarter Web Company to £0.73, or approximately $0.99 per share. This adjustment suggests a potential 90% upside from current market levels, with the bank maintaining a Buy rating on the stock.
The company currently manages a treasury of 2,747 BTC, positioning itself as the primary scaled Bitcoin treasury vehicle for institutional investors in the UK. The proposed IPO of MORE preferred shares aims to secure between £15 million and £25 million in gross proceeds.
These new non-voting preferred shares will feature cumulative variable dividends, redemption rights, and liquidation preferences. The structure is intended to fund Bitcoin accumulation and general business operations without diluting existing common shareholders or incurring traditional debt.
The offering is subject to specific conditions, including a minimum fundraising threshold of £10 million and a requirement that at least 50% of the shares are distributed to the public. If the minimum capital target is not reached, the entire IPO plan will be canceled.
