B HODL Plc repurchased 618,000 shares for about $43,400, retiring equity at an 8% discount to net asset value. The buyback gives shareholders roughly 24% more Bitcoin exposure per dollar spent compared with direct purchases of the cryptocurrency. The company has now retired over 1.4 million shares since launching its buyback program on July 9.
B HODL Plc spent $43,400 buying back 618,000 shares, boosting Bitcoin per share by retiring equity at a discount to NAV.
The equity retirement strategy achieves approximately 24% more satoshis per share compared with direct Bitcoin purchases, according to the company's analysis.
The repurchase was executed on July 24 at a volume-weighted average price of 5.27 pence per share, for a total cost of approximately £32,569. B HODL's shares trade at roughly an 8% discount to the company's net asset value, making buybacks more capital-efficient than accumulating additional coins. The company holds about 166 BTC in its treasury, valued at around £8 million as of July 2026.
The latest tranche is part of a broader repurchase program announced July 9 authorizing up to £100,000 in total buybacks. Prior tranches had already retired approximately 823,000 shares at an average price of about 4.61 pence per share, bringing total retirements to over 1.4 million shares since the program launched. B HODL trades on the AQSE exchange in the UK, the OTCQB in the US and the Frankfurt Stock Exchange in Germany.
The company was incorporated in June 2025, making it a relatively young entrant among Bitcoin treasury companies. Its 166 BTC holdings are modest compared with larger peers, but the buyback strategy mirrors a capital-allocation approach gaining traction in the sector.
Strategy, the largest corporate Bitcoin holder with 843,775 BTC, recently bought back $25 million of its own preferred stock under a $1 billion authorization while pausing new Bitcoin purchases for a fifth straight week. Strategy instead added $525 million to its cash reserve, bringing it to $3.75 billion, enough to cover 2.1 years of preferred dividends and debt interest. The contrasting approaches reflect different capital structures but the same underlying logic: when a Bitcoin treasury company's securities trade below intrinsic value, retiring them creates more value per share than buying more Bitcoin. Bitcoin traded at around $65,000 on Monday, putting B HODL's 166 BTC stack roughly in line with its purchase price, according to CoinGecko data.
For B HODL, the math behind the buyback is straightforward. When shares trade below NAV, retiring equity becomes a more capital-efficient way to increase per-share Bitcoin exposure than acquiring additional coins. The company's analysis shows shareholders get approximately 24% more Bitcoin exposure per dollar spent on repurchases compared with direct BTC purchases.
The buyback also addresses a structural challenge for small-cap Bitcoin treasury companies. Thin liquidity on smaller exchanges like AQSE can widen NAV discounts, making share repurchases an attractive tool for narrowing the gap between market price and underlying asset value. B HODL's £100,000 authorization is modest by industry standards, but the strategy could prove repeatable if the discount persists.
The buyback shows B HODL's management views its own equity as undervalued relative to its Bitcoin holdings. Investors will watch whether the company exhausts its £100,000 authorization or expands the program if the NAV discount persists.
This article is for informational purposes only and does not constitute investment advice.
