The London-listed bitcoin treasury firm has tripled bitcoin's monthly gain, with its stock up 67% after it bought 1 BTC to take holdings to 167.487 BTC. Sats per share rose to 120.16 from 117.77, keeping dilution accretive ahead of a third at-the-market programme opening September 8.
B HODL stock has climbed 67% in a month, tripling bitcoin's 22% gain, after copying MicroStrategy's treasury playbook to lift holdings to 167.487 BTC.
Adam Back, chief executive of Blockstream, endorsed the approach, saying "this is how you do it." He also backs European treasury vehicles directly, funding a Capital B raise worth €7.6 million on Wednesday.
The company paid £57,680, about $77,772, for the coin it bought Thursday, part-funded by its second at-the-market equity programme with the Capital Deployment Programme covering the rest. Its average cost sits near $110,129 per bitcoin, leaving the treasury roughly 29 percent underwater. Bitcoin traded near $77,658 on Thursday, up 0.3 percent on the day.
Sats per share climbed to 120.16 from 117.77 at the end of April, the metric that decides whether dilution pays. ATM 2 delivered roughly 135 sats for each new share, comfortably above the 120.16 average, so holders own more bitcoin per share rather than less. ATM 3 opens about September 8 with the same test attached.
B HODL raised about £48,300, roughly $65,000, selling 600,000 shares at an average 8.06 pence through the ATM programme, which drip-feeds small share tranches into the open market. MicroStrategy pioneered the tool, though its raises run to billions of dollars against B HODL's tens of thousands. Several peers cannot sell equity at all because their stock trades below the bitcoin they already own.
The rally arrived before the purchase news. HODL closed Wednesday at 8.84 pence, up 4 percent on the day, after an 11.11 percent jump on Tuesday.
MicroStrategy still sets the benchmark. Michael Saylor said his firm holds more reserve capital than every S&P 500 financial except Berkshire Hathaway, pointing to 845,050 bitcoin. That claim rests on a metric MicroStrategy designed itself, and MSTR slipped 2.1 percent on Wednesday. Analysts called treasury stocks a textbook bubble chart in June, and market net asset value pressure has persisted since.
B HODL trades on the Aquis Stock Exchange, a small London venue for growth companies, and its 67 percent monthly climb has outpaced bitcoin even as its treasury sits underwater. The next test comes September 8, when ATM 3 opens and investors will see whether each new share still adds more bitcoin than it dilutes.
This article is for informational purposes only and does not constitute investment advice.
