B HODL Buybacks Added 24% More BTC per £ Than Coin Buys

B HODL Plc executed part of a £100,000 buyback authorization between July 9 and July 16, repurchasing 823,400 ordinary shares at a weighted average price of 4.613 pence. The company used roughly £37,985 before fees, about 38% of the authorized programme, and later cancelled the repurchased stock. Outstanding shares fell from 141,366,091 to 140,542,691.

Holding its Bitcoin balance constant at 166.487 BTC, gross Bitcoin per share rose from 117.77 sats to 118.46 sats after the cancellations, an increase of 0.69 sat or 0.59%. At the Bitcoin reference price shown on the company dashboard, £37,985 would have bought about 0.787 BTC. Spread across the original share count, that direct BTC purchase would have added about 0.557 sats per share. Under those matched assumptions, retiring equity produced roughly 24% more gross sats-per-share accretion per pound than buying Bitcoin on the open market. The 24% comparison excludes fees and uses the company’s selected price points.

On July 19 the company’s dashboard showed 166.487 BTC held in treasury, a share price of 5.25 pence and a market capitalisation of roughly £7.385 million. At the displayed Bitcoin price of £48,237 the Bitcoin position was valued at about £8.031 million, creating a gap near £646,000 between the coin value and the market capitalisation. After the share cancellations and holding BTC constant, the implied equity value sits near £7.378 million, approximately £652,000 or 8.1% below the Bitcoin value.

B HODL operates the buyback alongside an at-the-market issuance facility that permits share sales only when such sales are accretive to Bitcoin per share under its Bitcoin-mNAV framework. The two tools allow the company to issue stock when issuance increases BTC per share and to retire stock when repurchases increase BTC per share more efficiently.

The company noted the reported comparison is partial. The 24% figure does not account for transaction costs and is not a statement of net asset value per share. Full NAV depends on cash balances, liabilities, operating assets and costs, and the value of B HODL’s Lightning Network business. Market prices for Bitcoin and the company’s shares change continuously and will affect any static comparison.