Investment bank TD Cowen raised its price target on The Smarter Web Company PLC (LSE: SWC) to £0.73 per share, up from £0.64, and maintained its Buy rating after the Bristol-based bitcoin treasury firm announced plans for what would be the UK's first preferred share listing backed by a bitcoin strategy. The bank sees roughly 90% upside from the current share price. The company is targeting gross proceeds of £15 million to £25 million through the offer, which would trade on the LSE Main Market under the ticker MORE.

What MORE Actually Is

The MORE instrument is a perpetual, non-voting preferred share that pays a cumulative, variable-rate dividend on a weekly basis. That combination is unusual: many income securities pay quarterly or semi-annually, and no comparable sterling-denominated instrument currently exists on UK markets with a direct link to a bitcoin treasury. Preferred shareholders would rank ahead of ordinary shareholders in a liquidation, but the redemption right sits with the company, not with investors. The proceeds are intended for acquisitions, working capital, and general corporate purposes. Management has not committed them specifically to buying more bitcoin.

The listing cannot proceed until two conditions are met. The Financial Conduct Authority must approve the prospectus, and shareholders must vote in favour at a general meeting scheduled for September 28 in Bristol. A minimum of £10 million must be raised for the offer to go through at all.

CEO Andrew Webley described the instrument as a structural milestone. "Subject to approval of the Prospectus by the FCA, launch, and all conditions of the Possible IPO being satisfied, we expect the proposed Preferred Shares to be the first of their kind in the UK," he said in a company statement. He added that the structure is designed to "provide an additional source of long-term capital, broaden the range of investors able to invest in the Company and further diversify our capital structure."

TD Cowen's Reasoning and the BTC Picture

TD Cowen's revised target reflects the analyst's view that the MORE offering improves capital efficiency and gives the company a more flexible funding toolkit, which in turn supports its broader Bitcoin acquisition strategy. The bank's base-case scenario assumes bitcoin reaches roughly $100,000 by the end of 2026. Its upside scenario puts bitcoin at $175,000; its downside scenario assumes $25,000.

That upgrade follows a significant swing in analyst sentiment. TD Cowen cut its price target by 36% to £0.64 in July 2026, citing revised bitcoin price forecasts, before restoring confidence with today's upgrade to £0.73.

The underlying treasury position tells a more complicated story. Smarter Web held approximately 2,747 BTC as of early September 2026, with a market value of around $214.2 million at current prices, according to Bitcoin Treasuries Net data. The total cost basis on those holdings is $306.27 million, implying an unrealised loss of roughly $92 million. The company ranks 29th among public companies globally by bitcoin held, and first in the UK. Its market capitalisation stands at approximately $181.3 million.

Smarter Web started as a web design and digital marketing agency in Bristol in 2009. It listed on the AIM market in April 2025, formally adopted a bitcoin treasury policy that same year, uplisted to the LSE Main Market in February 2026, and has raised approximately £250 million in capital since going public. The company describes itself as "an operating technology business with a Bitcoin treasury," serving more than 500 clients through its digital services arm.

Why This Matters Beyond the UK

The LSE is a key secondary market for investors across Commonwealth countries, including Nigeria, Kenya, South Africa, India, and Pakistan. Regional investor audiences are already paying attention: both the Nigerian and South African editions of Investing.com covered the story, a signal of emerging-market interest in UK-listed bitcoin vehicles. If the FCA approves the prospectus, MORE would offer a regulated, sterling-denominated, dividend-paying vehicle for bitcoin exposure through standard UK brokerage platforms. No equivalent instrument currently exists in any domestic South Asian or African market.

That said, MORE is not without precedent globally. Bitcoin Treasury Capital (Europe) launched what it described as Europe's first bitcoin-backed preferred shares in July 2026, carrying a 10% fixed annual dividend. MORE is distinct in its sterling denomination, its LSE listing, and its variable weekly dividend structure. The distinction the research supports is one of UK market access and currency, not categorical novelty on a worldwide basis.

The regulatory template itself carries weight. Regulators in India (SEBI), Nigeria (SEC), Kenya (CMA), South Africa (FSCA), and Pakistan (SECP) are all actively considering or updating their digital asset frameworks. A successful FCA prospectus approval for a BTC-backed perpetual preferred share would represent what analysts describe as the first such green light from a G7 financial regulator, potentially informing how those agencies approach similar structures.

At the same time, investors in emerging markets already exposed to local currency depreciation should note the unrealised loss on Smarter Web's BTC book. The variable-rate dividend is not guaranteed, and the entire MORE structure depends on regulatory clearances that have not yet been granted.

What Comes Next

The September 28 shareholder vote is the nearest hard deadline. FCA prospectus approval follows on an unspecified timeline. Smarter Web's model draws directly from the multi-instrument capital playbook pioneered by Strategy (formerly MicroStrategy) in the United States, which holds roughly 847,363 BTC and finances its treasury through convertible notes, equity issuance, and preferred stock. If MORE clears its regulatory hurdles, it would bring a sterling-denominated version of that model to the UK market for the first time, at a moment when 191 public companies globally now hold bitcoin on their balance sheets.

Not every bitcoin treasury story has ended well. In 2026, Satsuma Technology offered a cautionary counterpoint when shareholders voted to liquidate 668 BTC at significant losses, underscoring that a bitcoin treasury strategy carries real downside during periods of price weakness. With an unrealised loss already sitting on Smarter Web's books, that lesson is directly relevant to any assessment of the MORE offering.