TD Cowen raised its price target on Bitcoin treasury company Smarter Web from GBP 0.64 to GBP 0.73 and kept its Buy rating, pointing to the company’s planned issuance of perpetual preferred shares under the MORE structure. The firm said the proposed deal would widen Smarter Web’s capital-markets toolkit and create another source of long-term funding. With Smarter Web shares trading at GBP 0.385, the revised target implies roughly 90% upside from the current level. TD Cowen’s analysts also described the move as a sign that the Bitcoin treasury ecosystem is becoming more mature. According to the details cited, the preferred shares are expected to pay a cumulative variable weekly dividend and would come with liquidation preference and redemption rights, but no voting rights. The issuance still requires approval from shareholders and the UK Financial Conduct Authority, or FCA. The update was reported by BlockBeats on Sept. 14.
TD Cowen raised its price target on Bitcoin treasury company Smarter Web to GBP 0.73 from GBP 0.64 on Sept. 14, while maintaining a Buy rating.
The firm said Smarter Web’s planned issuance of perpetual preferred shares would broaden its capital-markets toolkit. Smarter Web shares were trading at GBP 0.385, and the new target implies about 90% upside from that level.
MORE preferred share plan
TD Cowen analysts said the proposed issuance would give the company another long-term source of capital. They also said the move points to a more mature Bitcoin treasury ecosystem.
The preferred shares are expected to pay a cumulative variable weekly dividend. They would also carry liquidation preference and redemption rights, but no voting rights.
The deal still needs approval from shareholders and from the UK Financial Conduct Authority, or FCA.
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