TD Cowen Sees 90% Upside in UK's Smarter Web as Bitcoin-Backed 'MORE' Preferred IPO Advances

Event Analysis

As reported by crypto.news and The Block, TD Cowen has raised its price target on The Smarter Web Company (SWC, LSE) to £0.73 from £0.64, retaining a Buy rating and citing approximately 90% upside from the reference share price at the time of the note. The catalyst is the advancing plan to issue a new class of perpetual preferred shares branded 'MORE', targeting a listing on the London Stock Exchange Main Market pending FCA prospectus approval, shareholder vote, and High Court confirmation. The company, which holds approximately 2,878 BTC on its balance sheet, is described by TD Cowen as the UK's only scaled, listed bitcoin corporate treasury vehicle accessible to institutions.

The MORE instrument is structurally novel: non-voting, perpetual preferred shares with a cumulative variable-rate weekly dividend, designed to function as a fixed-income-like claim on a BTC-backed balance sheet. The target raise is £15–25 million gross (minimum £10 million to proceed), and conditions include at least three registered market makers and 50% public float. This is not a standard equity raise — it introduces a senior preferred layer into SWC's capital stack, sitting above common equity in dividends and liquidation preference.

What makes this structurally significant is the precedent it sets. A UK-regulated, FCA-approved, bitcoin-backed perpetual preferred with weekly variable dividends would be a first in European regulated capital markets. TD Cowen's valuation explicitly links the equity target to BTC price scenarios — base case near $140,000 BTC, upside near $175,000 — making SWC a transparent, bank-research-supported BTC proxy in a region where direct spot BTC access for institutional mandates remains constrained. The modest leverage profile (~8%) also differentiates SWC from more aggressive crypto corporate treasury plays.

What This Means for Traders

The primary tradeable implication is in SWC common equity, which reportedly saw around +15% on announcement. For traders watching the broader bitcoin corporate treasury accumulation theme, TD Cowen's bullish note signals institutional validation of the UK bitcoin treasury model — the same logic that drove significant premium-to-NAV expansion in US-listed BTC treasury names. Traders should watch whether SWC begins to trade at a tighter discount or a premium relative to its BTC NAV, mirroring the MSTR NAV premium dynamic.

For Bitcoin itself, the direct price impact from a £10–25M raise is modest. However, the MORE structure institutionalizes BTC as fixed-income collateral in UK regulated markets — incrementally bullish for the broader thesis of BTC as an institutional reserve asset. Traders in BTC perpetuals should monitor whether successful MORE pricing triggers copycat structures from other BTC-rich corporates or miners, which would represent a slow but structural demand driver. Cross-market effects on MicroStrategy (MSTR) and similar US names are limited but exist — a successful UK preferred issuance validates the playbook globally.

Key execution risk: the MORE IPO carries multiple conditions (FCA approval, minimum raise, market makers, High Court). Failure or delay could erase the catalytic premium currently embedded in SWC's share price, making this a binary event for position holders in the common equity.

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