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TD Cowen reiterates a buy rating; Smarter Web Company remains the only large-scale Bitcoin treasury company in the UK.
Deep Tide TechFlow News, April 27, according to The Block, TD Cowen analyst Lance Vitanza and Jonnathan Navarrete reaffirm their buy rating for the UK-listed company Smarter Web Company, with a target price of 1 pound (approximately 1.36 USD). The analysts pointed out that the company recently increased its Bitcoin holdings at a price of about 57k pounds (approximately 77k USD), effectively reducing the marginal holding cost, and its leverage ratio of about 8% is relatively conservative among peer companies.
Currently, Smarter Web holds 2,750 BTC, making it the largest corporate Bitcoin holder in the UK and the 27th largest publicly traded Bitcoin treasury company globally. However, due to Bitcoin’s current price of approximately 77.6k USD, which is far below the company’s average cost of 111,800 USD, its unrealized loss on holdings is about 91.1 million USD, representing a decline of approximately 30%.