Bitcoin treasury company discovers buying own stock adds 24% more BTC per share than buying Bitcoin
When a Bitcoin treasury trades for less than the Bitcoin it holds, the cheapest way to increase gross Bitcoin exposure per share may be to buy back its own stock. UK-listed B HODL Plc tested that inversion during its...
Bitcoin 1 Minute
An important story is making waves across the blockchain ecosystem. When a Bitcoin treasury trades for less than the Bitcoin it holds, the cheapest way to increase gross Bitcoin exposure per share may be to buy back its own stock. UK-listed B HODL Plc tested that inversion during its first week of repurchases. It paid about £37,985 before fees to retire 823,400 shares, generating about 24% more gross sats-per-share accretion per pound than using the same cash to buy Bitcoin at the comparison price.
That 24% edge is before fees, and the numbers stop short of showing a full NAV-per-share gain. B HODL's official dashboard on July 19 showed 166. 25 pence share price and a £7.
Market Dynamics
385 million market capitalization. At the displayed Bitcoin price of £48,237, the holdings were worth about £8. 031 million, leaving a roughly £646,000 gap.
Applying the latest announced post-cancellation share count at the same stock price puts the equity value at about £7. 378 million, roughly £652,000 or 8. 1% below the Bitcoin value.
Both sides of the comparison move continuously. Related Reading MSTR jumps after Strategy says it may sell more Bitcoin to fund dividends and buybacks MSTR rose after the company unveiled a plan to defend its capital structure with cash reserves, higher dividends and possible Bitcoin sales. Jun 29, 2026 Oluwapelumi Adejumo Why buying shares beat buying Bitcoin B HODL's £100,000 buyback authorization took effect July 9.
Market Impact
Disclosures covering purchases on July 9, July 10, July 13, July 15, and July 16 total 823,400 shares at a calculated weighted average of 4. The purchases used about 38% of the authorization before fees. After the announced cancellations, the share count falls from 141,366,091 to 140,542,691.
487 BTC constant, gross Bitcoin per share rises from 117. 46 sats, an increase of 0. At the same £48,237 Bitcoin price, £37,985 would buy about 0.
Spreading that purchase across the original share count would add about 0. 557 sat per share, compared with the buyback's 0. On those matched assumptions, retiring the equity was about 24% more accretive per pound.
This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.
