TD Cowen eyes 90% upside for Smarter Web as preferred share plan nears

The revised valuation from analysts led by Lance Vitanza follows Smarter Web’s announcement of a potential initial public offering for the new preferred-share class. If approved by shareholders at the September 28 general meeting, the move would provide the London-listed entity with a fresh source of capital, distinct from its existing credit facilities and convertible debt instruments. The company seeks to raise between £15 million and £25 million through the offering, pending regulatory clearance from the Financial Conduct Authority.

Smarter Web’s financial strategy remains anchored in its Bitcoin treasury performance, which yielded approximately 11.5% for the year ending September 2. This figure holds weight despite a temporary drag caused by the early repayment of a £11.7 million TOBAM-backed instrument in July. That exit, while requiring the sale of nearly 178 BTC, successfully eliminated the risk of future share dilution. Following the repayment and subsequent acquisitions, the company’s treasury currently sits at 2,712 BTC. TD Cowen’s outlook is further bolstered by a bullish base-case scenario for Bitcoin, which the bank projects could reach $100,000 by the end of the year.