TD Cowen Boosts Smarter Web Target After Proposed Preferred IPO

TD Cowen has increased its price target for Smarter Web, a firm that provides treasury services for bitcoin holdings, following the company's proposal for a "MORE" preferred initial public offering.

Reason for Target Adjustment

The investment bank highlighted two main factors driving the upward revision:

• Broader Funding Options: The preferred IPO structure is expected to open additional capital sources for Smarter Web.
• Capital Efficiency: The new financing approach is projected to enhance the firm’s use of capital.

Implications for Bitcoin Treasury Services

The move suggests confidence in Smarter Web’s ability to scale its services for institutional bitcoin holders, potentially strengthening the infrastructure supporting large‑scale bitcoin custody and liquidity.