Bitcoin treasury company Smarter Web plans to issue MORE preferred stock IPO, TD Cowen raises its target price.

BlockBeats news, September 14: TD Cowen raised its price target on Bitcoin treasury company Smarter Web from £0.64 to £0.73, maintaining a Buy rating, stating that its proposed perpetual preferred stock issuance will broaden its capital markets instruments. Smarter Web's current share price is £0.385, and the price target implies approximately 90% upside.

TD Cowen analysts said the issuance will provide the company with another long-term source of capital and view it as evidence of the growing maturity of the Bitcoin treasury ecosystem. The preferred stock is expected to pay a cumulative variable-rate weekly dividend, with liquidation preference and redemption rights, but no voting rights, and still requires shareholder and UK FCA approval.