Executive Summary

B HODL, a new British firm, has completed its listing on the Aquis Stock Exchange, having secured £13.3 million (approximately $20.7 million) in capital. This strategic move positions the company to implement a Bitcoin treasury strategy and actively participate in the Lightning Network ecosystem. The company is notably backed by UK bitcoin exchange CoinCorner with a 14.3% stake and Blockstream CEO Adam Back, who holds over 25.5% of the company.

The Event in Detail

Incorporated in the Isle of Man on June 12, 2025, B HODL commenced its operations with the stated goal of capitalizing on the growth potential of Bitcoin and its associated industry. The company conditionally raised £13.3 million by issuing 95.3 million new shares at a price of 14 pence per share. An additional £500,000 was offered to retail investors via the Winterflood Retail Access Platform. The admission to the Aquis Growth Market was targeted for September 22, 2025, under the ticker BHODL.

The core strategy of B HODL involves channeling approximately 90% of its equity funding directly into Bitcoin accumulation. The remaining capital is allocated to maintaining low operating overheads. Revenue generation is projected to stem primarily from its Lightning Network operations, specifically through fees earned from routing transactions. B HODL currently operates a 5-year-old Lightning node, which is ranked among the top 100 globally by capacity, and plans to deploy additional nodes in the short term. Freddie New serves as CEO, and Danny Scott is the Chief Bitcoin Officer, both integral to the company's vision.

Financial Mechanics

B HODL's fundraising involved the subscription of 95,251,802 Subscription Shares at a price of 14 pence per share, yielding a total of £13,335,256.38 before expenses. This capital injection is specifically designated for the acquisition of Bitcoin and the execution of Bitcoin-related operational activities. The company's financial model emphasizes deploying its Bitcoin treasury for revenue generation, rather than solely holding it as a static asset. This includes providing liquidity to its Lightning Nodes, enabling the rapid scaling of operations and increasing routing fee income. The integration of Tether (USDT) onto the Lightning Network is cited as a significant potential revenue driver, with the stablecoin market currently processing $2 trillion in monthly transfer volume. B HODL aims to capture 1% of the entire Lightning Network volume.

Business Strategy & Market Positioning

B HODL differentiates its Bitcoin treasury strategy from precedents like MicroStrategy by actively utilizing its Bitcoin holdings to generate revenue through Lightning Network operations. This approach positions it as the UK's first publicly traded vehicle with a pure Bitcoin mandate that is focused on both accumulation and active revenue generation. The company's leadership believes this operational model, involving the active deployment of Bitcoin to provide liquidity and earn fees, will become a standard for other public companies engaging with Bitcoin in the future, thereby securing a first-mover advantage.

Management, including CEO Freddie New and CBO Danny Scott, aims to establish B HODL as the "leading UK listed Bitcoin company." This ambition is supported by a strategy that combines treasury accumulation with hands-on infrastructure development for the Bitcoin ecosystem. The company's focus on the Lightning Network infrastructure is a strategic effort to build foundational elements for Bitcoin's future as a global financial standard, anticipating that the network will eventually replace traditional fiat payment systems for certain transactions.

Broader Market Implications

This event is expected to catalyze further corporate exploration and adoption of Bitcoin treasury strategies, particularly within the UK and wider European markets. The successful listing and defined operational strategy of B HODL underscore increasing institutional interest and investment in the Lightning Network infrastructure, which could significantly boost its adoption and liquidity. By actively generating revenue from its Bitcoin treasury, B HODL reinforces Bitcoin's viability as a dynamic corporate treasury asset, moving beyond passive holding to active utilization.

The company's focus on Lightning Network growth, especially with the integration of stablecoins like Tether (USDT), highlights a potential shift towards Web3 ecosystem development where Bitcoin plays a central role in efficient, low-cost global payments. This development may influence investor sentiment by demonstrating a profitable and operational model for companies within the Bitcoin space, fostering greater confidence in the asset's long-term utility and value. It suggests a trend where businesses are not just investing in Bitcoin, but actively building services and infrastructure on top of it to generate returns and support its broader ecosystem growth.