TD Cowen Reiterates Buy Rating on Smarter Web Company, Cites UK's Only Scaled Bitcoin Treasury Vehicle

Gate News message, April 27 — TD Cowen has reiterated its buy rating on Smarter Web Company, the UK-listed bitcoin treasury firm, citing it as the only institutionally accessible, scaled bitcoin treasury company listed in Britain. Analysts at the bank said the company’s recent treasury activity reinforced this standing, with incremental bitcoin purchases over the past week at approximately £57,000 (about $77,000) per BTC, meaningfully lowering its marginal cost basis.

Smarter Web currently holds 2,750 BTC, making it the largest UK corporate bitcoin holder and the 27th largest public bitcoin treasury company globally. The company uses roughly 8% leverage, which TD Cowen noted remains modest and more conservative than many peers. TD Cowen maintained its £1 ($1.36) price target, built on year-end 2026 estimates of approximately £311 million ($420.3 million) in bitcoin valuation, £90 million ($121.6 million) in treasury operations value, and total equity value of roughly £389 million ($525.9 million).

At current bitcoin prices around $77,625 and Smarter Web’s average purchase price of $110,758, the company’s holdings carry an unrealized loss of approximately $91.1 million, or roughly 30% below cost. TD Cowen’s base case assumes bitcoin rises 15% from previous all-time highs to $140,000 by year-end 2026, with upside modeling a 40% increase to $175,000. The bank highlighted catalysts including potential implementation of the Genius Act, passage of the Clarity Act, possible approval of sterling-denominated preferred stock, and further bitcoin purchases. Smarter Web shares last traded at 36.79 pence versus a previous close of 37.00 pence.