TD Cowen Sees 90% Upside in Smarter Web on Proposed MORE Preferred IPO

The signal here is less about the price target than about the funding structure. A preferred listing would widen the capital toolkit for a bitcoin treasury company, which matters because such firms typically lean on equity or convertibles to grow holdings. If preferreds become a repeatable channel, the model shifts from one-off raises toward something more layered. Whether other treasury firms follow with similar instruments, and how the preferreds actually price, is the open question.