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TD Cowen reiterates a Buy rating: Smarter Web is the only UK-scale Bitcoin treasury asset

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ME News, April 27 (UTC+8). Brokerage TD Cowen reiterated its “Buy” rating for Smarter Web Company, a London Stock Exchange-listed company, and said it is still the UK’s only scaled, institution-accessible Bitcoin treasury-type company. The report said the company recently added to its Bitcoin holdings at a price of about £57k (about $77k), lowering marginal costs. It currently holds about 2,750 BTC, making it one of the largest UK-listed companies by Bitcoin holdings. Its average purchase price for Bitcoin is about $111k; based on the current price of about $77.6k, its unrealized loss on paper is about $91.1 million, a drawdown of about 30%. TD Cowen maintained a target price of £1, based on a scenario in which the Bitcoin benchmark price reaches $57k by the end of 2026, and believes that in the UK market, listings of this kind of Bitcoin vault asset still have scarcity and operational flexibility. (Source: PANews)
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