TD Cowen raises Smarter Web price target to 90% upside following proposed MORE preferred IPO structure.
VC & Fundraising ·
TD Cowen raised its price target for Smarter Web to reflect 90% upside potential following the firm's proposed MORE preferred IPO structure. The analyst cited the expanded funding options and improved capital efficiency that the structure would enable for the bitcoin treasury company.
The MORE preferred IPO framework appears designed to broaden the range of investors and capital sources available to the firm while optimizing how capital is deployed. This contrasts with traditional IPO mechanics and reflects evolving approaches to public market access in the digital asset sector.
The basis for TD Cowen's valuation model and the specific mechanics by which the MORE structure drives the 90% target remain unclear from available reporting. Details on the firm's current valuation, timeline for the proposed listing, and regulatory pathway have not yet been disclosed.