TD Cowen has reiterated its buy rating for Smarter Web Company, highlighting its status as the UK's only scalable Bitcoin treasury solution accessible to institutional investors. The London-listed firm recently increased its Bitcoin holdings by approximately £57,000 ($77,000), reducing its marginal cost basis. Analysts Lance Vitanza and Jonnathan Navarrete noted the company's conservative leverage ratio of 8%, which is lower than many peers. Smarter Web Company, which began accumulating Bitcoin in April 2025, now holds 2,750 Bitcoin, making it the largest corporate Bitcoin holder in the UK. Despite facing a significant unrealized loss of about $91.1 million due to Bitcoin's price drop, TD Cowen maintains a target price of £1 ($1.36) for the stock, based on projections of Bitcoin reaching $140,000 by 2026. The report underscores Smarter Web's unique position in the UK market, offering direct exposure to Bitcoin through a publicly traded vehicle.