UK listed company B HODL has purchased an additional 1 Bitcoin, bringing its total holdings to 167.487 BTC. The firm now ranks 93rd on the Bitcoin 100 list.

UK-listed bitcoin treasury company B HODL found that buying back and canceling its own shares produced a larger increase in bitcoin exposure per share than buying BTC outright, as long as the stock traded below the value of the bitcoin it held. In the company’s first five disclosed buybacks, B HODL spent about £37,985 before fees to repurchase 823,400 shares, and the resulting gain in total satoshis per share was about 24% higher than what the same cash would have delivered through a direct bitcoin purchase under the same assumptions. The company’s dashboard dated July 19 showed holdings of 166.487 BTC, a share price of 5.25 pence, and a market capitalization of £7.385 million, versus a bitcoin holding value of about £8.031 million based on a displayed BTC price of £48,237. That left the equity trading at a discount to the value of its bitcoin. The report also noted that B HODL is keeping its at-the-market equity program open and only issuing shares when doing so is accretive under its bitcoin-adjusted mNAV framework, while using buybacks when the shares themselves offer cheaper bitcoin exposure.