TD Cowen raises Smarter Web price target to $0.99 following the firm's proposed MORE preferred IPO, expanding bitcoin treasury funding options.
VC & Fundraising ·
TD Cowen raised its price target for Smarter Web to $0.99, representing 90% upside, after the company proposed a MORE preferred IPO structure designed to expand funding options for its bitcoin treasury strategy. The price target increase signals analyst confidence in the firm's ability to deploy capital into Bitcoin holdings through this new preferred equity instrument.
A MORE preferred IPO—a specialized securities offering—would allow Smarter Web to raise capital while maintaining flexibility in how proceeds are deployed toward its bitcoin reserve strategy. This approach mirrors the model pioneered by other bitcoin treasury firms that have used varied financing mechanisms, including convertible notes and traditional equity raises, to fund ongoing Bitcoin acquisitions while keeping the asset on the company's balance sheet.
The proposed structure addresses a key challenge for emerging bitcoin treasury companies: securing sustained capital raises while demonstrating a coherent investment thesis centered on Bitcoin accumulation. Whether the MORE preferred IPO successfully differentiates Smarter Web from established competitors or proves attractive to institutional investors remains to be seen, as does the actual deployment timeline for any capital raised through this mechanism.