The UK Bitcoin treasury race is tightening, and Bitcoin treasury strategies are under fresh scrutiny as Smarter Web Company faces a sharp stock slide. According to available figures, the UK’s largest corporate Bitcoin holder owns 2,470 BTC worth about £200 million, yet its shares have fallen 35.5% in the past month, while Bitcoin dropped roughly 4%.
Smarter Web underperforms its Bitcoin stack
Investors often look to a Bitcoin treasury as a proxy for direct exposure. However, Smarter Web’s decline has far outpaced the coin itself. This gap suggests equity-specific pressures are at play. Meanwhile, the company’s sizable holdings continue to anchor its profile in the UK market.
Coinbase researchers warn the crypto treasury sector is entering a “player vs player” phase. As a result, public companies that buy crypto may compete far more aggressively for capital. Therefore, performance dispersion could widen as strategies diverge.
Retail access to crypto ETNs from October 8, 2025
From October 8, 2025, UK retail investors will be able to buy crypto exchange-traded notes, reversing a 2021 ban. This shift could offer an alternative to owning shares in crypto-heavy corporates. Consequently, demand for Bitcoin treasury exposure via equities may be tested.
For investors comparing routes, key trade-offs include:
- Structure and fees versus company execution risk.
- Tracking precision versus potential equity upside or downside.
- Liquidity and market hours across venues.
Meanwhile, sector commentary points to fiercer competition for investor attention. Therefore, companies with clearer mandates and stronger balance sheets may hold an edge, though outcomes remain uncertain.
Background on exchange-traded notes can be found via Wikipedia’s overview of ETNs. For a primer on token-pegged assets, see our guide to how stablecoins work.
Bottom line: the UK Bitcoin treasury landscape is set for tighter spreads, harder competition, and new retail pathways, with outcomes hinging on strategy discipline and market structure.
