Bitcoin Treasury companies are not something I can warm to I am afraid. You could have made a case for them for them as a way for UK retail clients to gain exposure to bitcoin, via the stock market. However, now that UK private clients can trade in Crypto ETNs that argument has lost its lustre.
Smarter Web and its peers are only as good as the price of Bitcoin and the appetite among investors for the next fund raising round. To date the appetite has been good but I wonder what happens if and when a Bitcoin Treasury company tries to raise fresh cash in a crypto downturn?
Having traded at 500p at the 2025 peak, some may argue that at 33.0p Smarter Web are cheap but for that logic to apply you need to believe they cant go substantially lower which I don’t.
As an analyst once said about Ratner’s the jeweller ” cant recommend a purchase ”
