TD Cowen Buys Smarter Web Company Bitcoin Treasury

TD Cowen has reiterated its buy rating on The Smarter Web Company, affirming its status as the UK's sole scaled, institutionally accessible bitcoin treasury vehicle. Analysts noted that recent bitcoin acquisitions at approximately $77,000 have effectively lowered the company's marginal cost basis. Furthermore, the firm's utilization of around 8% leverage is considered modest and conservative within the sector, aligning with early U.S. treasury strategies. TD Cowen maintains a price target of £1 ($1.36) per share, projecting a year-end 2026 valuation based on bitcoin holdings, treasury operations, and other assets.