What happened
TD Cowen analysts led by Lance Vitanza raised their price target on The Smarter Web Company, one of the UK's most active Bitcoin treasury names, to £0. 73 ($0. 99) from £0.
64 ($0. 87), reiterating a Buy rating. The catalyst is a proposed perpetual preferred share programme that Smarter Web outlined to fund additional Bitcoin purchases without diluting its existing common shareholders.
Crypto. News, which first flagged the note on Sunday, said the new target implies about 90% upside from where shares last traded on the London market. Perpetual preferreds carry no maturity date and pay a fixed dividend, giving the issuer permanent capital while capping the claim of preferred holders to that coupon plus par.
Why it matters
Smarter Web has spent the past year positioning itself as the UK analogue to Michael Saylor's Strategy, stacking BTC through equity raises and convertible-style instruments. Perpetual preferreds are the next tool in that kit, and TD Cowen's endorsement matters because sell-side coverage is thin on this side of the Atlantic. If the offering prices at a reasonable coupon, Smarter Web can grow its BTC-per-share metric, the number most treasury-strategy investors actually care about, without hitting common holders.
That is the mechanism Strategy has used to compound its Bitcoin stack since 2020, and the playbook is now being copied across London, Tokyo, and Toronto. The read-through goes beyond one micro-cap. It tells you the treasury-vehicle trade still has willing capital markets desks behind it heading into year-end.