TD Cowen has lifted its price target on The Smarter Web Company to £0.73, roughly $0.99 per share, implying approximately 90% upside from current levels. The investment bank maintained its Buy rating, pointing to the company’s proposed MORE preferred share IPO as the 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 IPO, explained
The MORE preferred share offering is designed to raise between £15M and £25M in gross proceeds. Instead of diluting existing common shareholders or taking on traditional debt, Smarter Web is creating a new class of preferred shares specifically structured to fund its Bitcoin accumulation strategy and broader business operations. These preferred shares will be non-voting, meaning existing shareholders retain full governance control. They carry cumulative variable dividends, liquidation preferences, and redemption rights.
The IPO is contingent on raising at least £10M and having 50% or more of the shares end up in public hands. Why a Bitcoin treasury company needs more capital
The Bitcoin treasury model, popularized by Michael Saylor’s Strategy (formerly MicroStrategy) in the US, works on a simple feedback loop: raise capital, buy Bitcoin, let Bitcoin appreciation increase the company’s value per share, then raise more capital at higher valuations to buy more Bitcoin. Strategy itself has used convertible notes, at-the-market equity offerings, and preferred stock issuances to fund its Bitcoin purchases.
With 2,747 BTC already on the books, Smarter Web has established a meaningful position. The proceeds from the MORE IPO are earmarked for broadening funding options, supporting acquisitions, and covering working capital needs. The UK Bitcoin treasury gap
In the US, investors who want publicly traded Bitcoin exposure through corporate treasuries can choose from Strategy, Metaplanet (though it’s Japan-listed), and a growing list of smaller companies adopting the model. Smarter Web occupies a niche that is, for now, essentially uncontested, as the only scaled Bitcoin treasury vehicle available to UK institutional investors. If the MORE preferred IPO succeeds, a liquid preferred share listed in the UK gives institutional allocators a way to get Bitcoin-adjacent exposure with downside protections baked in through the liquidation preferences and cumulative dividends.
If the offering falls short of its £10M minimum threshold, the entire fundraising effort collapses. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
