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

The Smarter Web Company has reinforced its position as the only UK-listed, institutionally accessible bitcoin treasury company operating at scale, according to TD Cowen.

Analysts at the bank led by Lance Vitanza and Jonnathan Navarrete said the London-listed company’s treasury activity over the past week reinforced that standing, with incremental bitcoin buying at about £57,000 or roughly $77,000, meaningfully lowering its marginal cost basis.

TD Cowen added that the company’s use of roughly 8% leverage remains modest and more conservative than many peers, even as it echoes early bitcoin treasury playbooks seen in the U.S.

The note also keeps a buy rating and a £1 ($1.36) price target on the stock. On TD Cowen's estimates, that target is built around a year-end 2026 bitcoin valuation of about £311 million ($420.3 million), treasury operations valued at £90 million ($121.6 million), and a total equity value of roughly £389 million ($525.9 million).

Smarter Web Company strategy

The Smarter Web Company began accumulating bitcoin in late April 2025, according to BitcoinTreasuries.net. It now holds 2,750 BTC, making it the largest UK corporate holder and the 27th biggest public bitcoin treasury company globally, according to the site’s rankings.

The firm’s bitcoin stack buildup has been rapid. The Block reported in July that the company had entered the top 25 public treasury holders after adding $36 million in bitcoin, bringing its total to 1,600 BTC. A month later, it bought another roughly $35 million worth, taking holdings to 2,395 BTC.

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Yet, the strategy has not been painless. In February, The Block reported that CEO Andrew Webley said the company’s bitcoin position had swung to about a $100 million loss as prices retreated from late-2025 highs. He said at the time that the company planned to stay the course.

At current prices, the drawdown remains large, though somewhat narrower. With bitcoin trading around $77,625 and Smarter Web’s average purchase price at $110,758, the company’s holdings are worth about $213.5 million against a cost basis of roughly $304.6 million. It implies an unrealized loss of about $91.1 million, or a position that’s down roughly 30%.

However, TD Cowen’s broader argument is that the structure still works. In its base case, the analysts assume bitcoin rises 15% from previous all-time highs to hit $140,000 by year-end 2026. In the upside case, they model a 40% increase to $175,000, while the downside case assumes an 80% decline from prior cycle highs.

Even within that framework, the firm argues that Smarter Web’s treasury model offers investors a listed UK vehicle with direct exposure to bitcoin and room for operational upside.

The note also points to catalysts beyond price alone, including the implementation of the Genius Act, the passage of the Clarity Act, potential approval of a sterling-denominated preferred stock, and further bitcoin purchases.

TD Cowen had already initiated coverage of Smarter Web earlier this month alongside several other bitcoin-linked names. The fresh note sharpens the case around differentiation: in Britain, at least for now, there is no other listed treasury vehicle of similar size.

Smarter Web shares last traded at 36.79 pence, versus a previous close of 37.00 pence, according to London Stock Exchange data.