TD Cowen Sees 90% Upside for Bitcoin Treasury Firm Smarter Web After Proposed MORE IPO

TD Cowen has raised its price target on Smarter Web Company to reflect roughly 90% upside potential, citing the UK-based Bitcoin treasury firm's proposed "MORE" preferred IPO as a catalyst for improved capital efficiency and broader funding access.

The MORE structure, which stands for Managed Offering of Regulated Equity, is designed to bring structured Bitcoin exposure to UK public markets with potential downside protection mechanisms baked in. It is a relatively novel format: part traditional equity offering, part Bitcoin proxy instrument, aimed at institutional and retail investors who want BTC exposure without holding the asset directly. According to TD Cowen's analyst report, the proposed IPO could meaningfully expand Smarter Web's funding options, a key variable in how aggressively the firm can accumulate Bitcoin on its balance sheet.

"The proposed IPO could enhance Smarter Web's capital efficiency, offering UK investors unique Bitcoin exposure with potential downside protection."

TD Cowen, analyst report on Smarter Web

The analyst note is bullish, but the qualifier matters: this is a proposed IPO, not a completed one. Smarter Web has not yet received regulatory clearance to list the MORE instrument, and the UK's framework for crypto-linked securities remains a work in progress. Financial Conduct Authority scrutiny of structured crypto products has tightened over the past two years, and any delay or modification to the offering could compress the timeline that underpins TD Cowen's 90% target. Aggressive price targets tied to unconfirmed capital events carry execution risk by definition.

The strategic logic tracks. Bitcoin treasury companies have multiplied rapidly since MicroStrategy proved the model in 2020, and the race is now partly about which firms can access the cheapest capital to fund BTC accumulation. A preferred equity structure with downside protection could attract a class of UK investors currently sitting out the Bitcoin trade entirely, particularly pension-adjacent capital that needs principal protection features to participate. Smarter Web's pitch is essentially: give us access to conservative capital, and we'll convert it into Bitcoin exposure more efficiently than a spot ETF can.

Competition is real, though. UK investors already have access to Bitcoin ETPs (exchange-traded products) listed on the London Stock Exchange, and the global spot ETF market, dominated by U.S.-listed products from BlackRock and Fidelity, has absorbed hundreds of billions in inflows since early 2024. For Smarter Web to carve out meaningful market share, the MORE structure needs to offer something those vehicles genuinely cannot, whether that is the downside protection feature, a tax treatment advantage, or access to a regulated UK equity wrapper that certain institutional mandates require.

The 90% upside figure is eye-catching, and TD Cowen's conviction appears tied specifically to the capital structure unlock rather than a pure BTC price call. That framing is worth holding onto. If MORE clears regulatory review and lists successfully, Smarter Web gains a durable funding mechanism that could compound alongside Bitcoin's price. If the IPO stalls, the investment thesis reverts to a simpler, less differentiated Bitcoin treasury play in a crowded field. The gap between those two outcomes is wide, and right now the market is being asked to price the optimistic scenario.

For UK investors watching this space, the MORE IPO is worth tracking closely. A successful listing would mark one of the more structurally interesting Bitcoin-linked equity offerings to reach a major European market and could open a template for similar vehicles if regulators approve the format. The next meaningful data point is regulatory feedback on the proposed structure, which will determine whether TD Cowen's 90% target has a real runway or stays theoretical.