TD Cowen Sees 90% Upside For Smarter Web After New Preferred Share Plan

TD Cowen has raised its price target on The Smarter Web Company, pointing to strong upside potential after the bitcoin treasury firm proposed a new perpetual preferred-share offering. The brokerage kept its Buy rating, saying the move gives the company more flexibility to raise long term capital.

Price Target Raised On New Funding Plan

TD Cowen lifted its target for Smarter Web shares, implying roughly 90% upside from where the stock currently trades on the London Stock Exchange. Analysts said the proposed offering, which would trade under a separate ticker, adds another tool to the company’s capital-raising options and reflects a broader shift across bitcoin treasury companies toward more advanced funding methods, including preferred equity, secured credit, and convertible securities.

Details Of The Proposed Shares

The new preferred shares are expected to carry a variable-rate dividend paid on a weekly basis. They would also come with liquidation preference and redemption rights, though holders would not get voting power. The plan still needs shareholder approval along with regulatory sign-off before it can move forward.

Treasury Performance Also In Focus

Analysts also highlighted the company’s bitcoin treasury results, noting a solid year to date yield despite a setback earlier in the year tied to repaying a convertible debt instrument, which required selling a portion of its bitcoin holdings.

Bitcoin itself was trading near $78,000 on Monday, still well below its all time high reached earlier this year.