UK-listed bitcoin treasury company B HODL said its first week of buybacks showed that repurchasing and canceling its own shares can raise bitcoin exposure per share more efficiently than buying BTC directly when the stock trades below the value of the company’s bitcoin holdings.
Based on the figures cited in the report, B HODL spent about £37,985 before fees to buy back and cancel 823,400 shares across its first five repurchases. Under matched assumptions, the increase in total satoshis per share generated by those buybacks was about 24% greater per pound spent than a direct bitcoin purchase.
Numbers from the first week of buybacks
B HODL’s £100,000 buyback authorization took effect on July 9. Disclosures covering purchases made on July 9, 10, 13, 15, and 16 showed a total of 823,400 shares bought at a calculated weighted average price of 4.613 pence. Before fees, those purchases used about 38% of the authorization.
After the cancellation was announced, the share count fell from 141,366,091 to 140,542,691. With bitcoin holdings unchanged at 166.487 BTC, total bitcoin per share increased from 117.77 sats to 118.46 sats, a gain of 0.69 sats, or 0.59%.
How the comparison with direct BTC purchases was calculated
Using the July 19 dashboard bitcoin price of £48,237, the same £37,985 would have bought about 0.787 BTC. Spread across the original share count, that would have added roughly 0.557 sats per share.
The buyback and cancellation, by comparison, lifted bitcoin exposure by 0.690 sats per share. On those matched assumptions, canceling equity delivered about 24% more value per pound than buying bitcoin outright.
The report said that 24% edge was calculated before fees and does not capture the full change in net asset value per share.
Why the stock discount matters
B HODL’s official dashboard on July 19 showed holdings of 166.487 BTC, a share price of 5.25 pence, and a market capitalization of £7.385 million. At the displayed bitcoin price of £48,237, the company’s BTC was worth about £8.031 million, leaving a gap of roughly £646,000.
Using the latest published post-cancellation share count and the same share price, the equity value was about £7.378 million, or around £652,000 below the bitcoin value, equivalent to a discount of about 8.1%. The report noted that both sides of that comparison keep moving.
Buybacks alongside the ATM program
B HODL is keeping its at-the-market, or ATM, issuance program open while conducting buybacks. According to the report, the company only issues shares when doing so is accretive under its bitcoin-adjusted net asset value, or mNAV, framework.
That creates a capital allocation switch: issue equity when issuance increases bitcoin per share, then repurchase equity when the shares themselves offer cheaper bitcoin exposure than buying BTC directly.
What the result suggests for bitcoin treasury firms
The report said B HODL’s latest interim balance sheet reflects historical data, so the first week’s result shows growth in total sats per share under stated assumptions rather than a live measure of current NAV per share.
For other bitcoin treasury companies trading below the value of their bitcoin on a per-share basis, the takeaway was described as conditional but clear. Whether the same approach makes sense still depends on cash reserves, debt, trading liquidity, and operating needs.