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 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 HODLs official dashboard on July 19 showed 166.487 BTC, a 5.25 pence share price and a £7.385 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. Why buying shares beat buying Bitcoin B HODLs £100,000 buyback authorization took effect July 9. 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 4.613









