TD Cowen reiterates buy rating on Smarter Web Company, says it remains UK’s only scaled bitcoin treasury vehicle

TD Cowen has reaffirmed its buy rating on Smarter Web Company, emphasizing its status as the United Kingdom's only institutionally accessible, scaled bitcoin treasury company. Analysts noted that the company's recent incremental bitcoin purchases at approximately £57,000 ($77,000) have effectively lowered its cost basis. TD Cowen also highlighted that Smarter Web's use of around 8% leverage is conservative compared to industry peers. The firm maintains a price target of £1 ($1.36) per share, based on an estimated year-end 2026 bitcoin valuation of £311 million ($420.3 million) and treasury operations valued at £90 million ($121.6 million). Smarter Web Company began accumulating bitcoin in April 2025 and currently holds 2,750 BTC, making it the largest UK corporate holder and 27th globally among public bitcoin treasury companies. Despite an unrealized loss of approximately $91.1 million on its current holdings, TD Cowen believes the company's treasury model remains viable and offers investors direct exposure to bitcoin with potential for operational upside. The report also points to potential catalysts such as legislative developments and further bitcoin acquisitions.

(Source：The Block)