Bitcoin treasury company discovers buying own stock adds 24% more BTC per share than buying Bitcoin
B HODL Plc’s first week of buybacks suggests that when a Bitcoin treasury trades below the Bitcoin it holds, repurchasing shares can be more accretive to Bitcoin-per-share than buying more BTC directly. The company spent about £37,985 before fees to retire 823,400 shares, lifting gross Bitcoin per share from 117.77 sats to 118.46 sats, a 0.59% increase. Under the same price assumptions, using that cash to buy Bitcoin would have raised sats-per-share by about 24% less. At the cited July 19 figures, B HODL held 166.487 BTC and its market cap sat below the value of those holdings, though that does not equal a full NAV discount. The result shows a capital-allocation tool: issue stock when it increases BTC per share, and buy it back when the stock is the cheaper way to gain Bitcoin exposure.
