TD Cowen Keeps Buy Rating on Smarter Web, Calls It UK’s Only Institutional-Scale Bitcoin Treasury

TD Cowen maintained its buy rating on The Smarter Web Company, reiterating the competitiveness of the UK-listed firm’s Bitcoin treasury strategy.

The Block reported on April 27 that TD Cowen described Smarter Web in a report as “the only large-scale Bitcoin treasury company in the UK accessible to institutional investors.”

TD Cowen said the company’s recent Bitcoin purchases helped reduce its average acquisition cost. Smarter Web bought Bitcoin at about 57,000 pounds, or roughly $77,000, improving its marginal cost structure.

The firm’s use of leverage was also viewed as relatively conservative. TD Cowen put Smarter Web’s leverage ratio at about 8%, which it said was low compared with industry peers.

Smarter Web currently holds about 2,750 BTC, the largest amount among UK companies and about 27th globally among publicly traded firms.

The company still remains in a mark-to-market loss position, however. Its average purchase price is about $110,000, leaving it with an unrealized loss of roughly 30% at current prices.

TD Cowen kept its price target at 1 pound and said the company has ample room for valuation upside if Bitcoin reaches about $140,000 by the end of 2026.

The report added that Smarter Web is a rare listed vehicle offering direct Bitcoin exposure in the UK market, with additional purchases and regulatory changes serving as potential upside catalysts.