What happened
TD Cowen published a note on Monday flagging around 90% upside in Smarter Web, the UK-listed Bitcoin treasury company, and tied the call directly to the company's proposed spin-out. The vehicle, referred to as MORE in the CryptoBriefing report, would list separately in London and take on the Bitcoin exposure that currently sits inside Smarter Web's balance sheet. The broker's thesis, per the report, is that a dedicated listed wrapper unlocks value that the parent's share price is not currently reflecting.
Smarter Web has not yet published a formal IPO prospectus, and the timing of any London listing will hinge on FCA review. Neither the company nor TD Cowen has confirmed a price range or a target free float.
Why it matters
UK retail investors have almost no clean, regulated way to hold Bitcoin exposure inside an ISA or SIPP. A London-listed vehicle whose primary asset is BTC would sit in a different bucket than a spot ETF, and it would compete directly with the handful of ETPs listed on Aquis and the London Stock Exchange's professional segment. That is the gap TD Cowen is pointing at.
The 90% upside call is not a bet on Bitcoin's spot price. It is a bet that a UK-listed pure-play wrapper trades at a premium to the underlying BTC it holds, the same pattern that pushed MicroStrategy's multiple to net asset value into the double digits at peaks and pulled it below one during drawdowns. The read-through is structural, not directional.