B HODL buybacks added 24% more BTC per pound than spot buys

B HODL Plc reported that its first week of share repurchases delivered about 24% more gross Bitcoin per share for every pound spent than an equivalent cash purchase of Bitcoin on the spot market. The company framed the comparison on a gross sats-per-share basis and said the calculation excludes fees and other balance-sheet items.

The company’s buyback authorization for up to £100,000 took effect on July 9. Disclosures show purchases executed on July 9, 10, 13, 15 and 16. B HODL used roughly £37,985 before fees to retire 823,400 shares at a weighted average price of 4.613 pence per share.

After announcing those cancellations, the outstanding share count fell from 141,366,091 to 140,542,691 while Bitcoin holdings remained at 166.487 BTC. That change raised gross sats per share from 117.77 to 118.46 sats, an increase of 0.69 sat or 0.59%.

Using the same reference Bitcoin price applied by the company—£48,237—£37,985 would have purchased about 0.787 BTC. Spread across the original share count, a direct Bitcoin purchase would have added roughly 0.557 sat per share. On those matched assumptions and before fees, retiring the equity was about 24% more accretive per pound than a direct spot purchase of BTC.

B HODL’s public dashboard on July 19 showed a 5.25 pence share price and a market capitalization of about £7.385 million. At the displayed Bitcoin price of £48,237, the 166.487 BTC holding was valued at roughly £8.031 million, creating a gap of about £646,000 between gross Bitcoin value and market capitalisation. Applying the post-cancellation share count at the same stock price put equity value near £7.378 million, about £652,000 or 8.1% below the Bitcoin value. The company noted these figures are a snapshot and that market prices and per-share measures change continuously.

The company emphasized the comparison is limited to gross sats-per-share effects and does not account for fees, cash balances, liabilities, debt, operating assets, costs or the value of its Lightning Network business as shown on the most recent interim balance sheet. B HODL described the first-week results as accretion on a gross-BTC-per-share basis under the stated assumptions, not as confirmed net asset value per share gains.

B HODL is running an at-the-market issuance program at the same time as the buyback. The ATM permits share sales only when those issuances are accretive under the company’s Bitcoin-mNAV framework. The combination allows the company to issue shares when that increases BTC per share and to retire shares when repurchases are a cheaper route to lift Bitcoin exposure per share.

The company noted that, for other firms holding Bitcoin treasuries, choices between repurchasing stock and buying coins depend on cash runway, existing debt, trading liquidity and operating needs.