B HODL Plc repurchased 618,000 of its own shares for roughly $43,400, arguing that retiring equity delivers more Bitcoin per share than buying BTC outright. The Isle of Man company’s stock trades at roughly an 8% discount to net asset value, which is what makes the trade work on paper.
B HODL Plc spent roughly $43,400 buying back 618,000 of its own shares, and the reasoning behind the trade matters more than its size. The Isle of Man-based Bitcoin treasury company executed the repurchase on July 24, paying a volume-weighted average price of 5.27 pence per share for a total of approximately £32,569.
The point is to cut the outstanding share count so that each remaining share represents a larger slice of the company’s Bitcoin holdings.
Why retire equity instead of buying Bitcoin
B HODL’s shares currently trade at roughly an 8% discount to the company’s net asset value. When a Bitcoin treasury company trades below NAV, buying back shares acquires Bitcoin exposure at a cheaper rate than purchasing BTC on the open market.
According to the company’s own analysis, that equity retirement strategy achieves approximately 24% more sats per share compared to direct Bitcoin purchases. The treasury holds approximately 166 BTC, valued at around £8 million as of July 2026. By retiring shares rather than accumulating more coins, the company increases the book value per share and the satoshis per share for every investor who holds on.
A third of the authorization spent in one trade
This tranche belongs to a broader program the company announced on July 9, authorizing up to £100,000 in total buybacks. The £32,569 spent on July 24 therefore used roughly a third of that authorized capacity in a single transaction.
Earlier tranches had already retired approximately 823,000 shares at an average price of around 4.61 pence per share. Combined with the latest batch, the company has now pulled well over 1.4 million shares out of circulation since the program launched.
The limits of a small treasury
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 in the Bitcoin treasury company space.
Scale remains the caveat. A treasury of 166 BTC and a £100,000 buyback authorization are modest by any standard, and the shares trade on smaller exchanges with correspondingly thinner liquidity, which means the NAV discount may partly reflect that illiquidity rather than a pure market mispricing.
Source: Crypto Briefing
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