[TD Cowen: Smarter Web Plans to Issue MORE Preferred Stock IPO, Estimated 90% Upside Potential] According to The Block, TD Cowen has raised the target price of Bitcoin treasury company Smarter Web from £0.64 to £0.73, maintaining a Buy rating, stating that its planned issuance of perpetual preferred stock will expand capital market instruments. Smarter Web's stock price on Monday was £0.385, with the target price implying approximately 90% upside potential. TD Cowen analysts noted that this issuance will provide the company with another long-term capital source and view it as evidence of the growing maturity of the Bitcoin treasury ecosystem. The preferred stock is expected to pay cumulative variable-rate weekly dividends, with liquidation preference and redemption rights, but no voting rights, and still requires approval from shareholders and the UK FCA. Smarter Web stated that as of September 2, the year-to-date BTC yield was approximately 11.5%.