TD Cowen Raises Price Target on Bitcoin Treasury Firm Smarter Web, Sees 90% Upside on MORE Preferred Stock IPO

Shares of a bitcoin treasury company are being pitched with near-doubling upside potential by an institution, all riding on a preferred stock plan that hasn't even taken final shape yet. In its report, TD Cowen raised its price target on Smarter Web, pointing to the company's proposed "MORE" preferred stock IPO as the reason.

According to TD Cowen's assessment, this upside estimate reaches 90%. The core logic behind that number is that once the MORE preferred stock IPO goes through, it would open up more diversified financing channels for Smarter Web while boosting capital efficiency — two points TD Cowen explicitly flagged as key drivers in its report.

For companies holding bitcoin as a treasury asset, the flexibility of their financing structure often directly shapes how capital markets imagine their valuation. TD Cowen's price target hike essentially bets on whether Smarter Web can successfully execute the MORE preferred stock IPO.

For now, publicly available information is limited to TD Cowen's rating adjustment and the rationale it cited — the specific size, timing, and terms of the MORE preferred stock IPO have yet to be disclosed.