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B HODL Plc just spent roughly $43,400 buying back 618,000 of its own shares, and the math behind why it did so is more interesting than the dollar amount suggests.
The Isle of Man-based Bitcoin treasury company executed the repurchase on July 24, picking up shares at a volume-weighted average price of 5.27 pence each. The total cost came to approximately £32,569. The goal: reduce the number of outstanding shares so that each remaining share represents a larger slice of the company’s Bitcoin holdings.
Why buy shares when you could buy Bitcoin
B HODL’s shares are currently trading at roughly an 8% discount to the company’s net asset value. When a Bitcoin treasury company trades below NAV, buying back shares effectively acquires Bitcoin exposure at a cheaper rate than purchasing BTC on the open market. According to the company’s own analysis, this equity retirement strategy achieves approximately 24% more sats per share compared to direct Bitcoin purchases.
B HODL holds approximately 166 BTC in its treasury, valued at around £8 million as of July 2026. By retiring shares instead of accumulating more Bitcoin, the company increases the book value per share and the satoshis per share for every investor who holds on.
The buyback program so far
This latest tranche is part of a broader repurchase program that the company announced on July 9, authorizing up to £100,000 in total buybacks. The July 24 purchase of £32,569 means the company has used roughly a third of its authorized capacity in a single transaction.
Prior tranches in the program 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.
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.
The Bitcoin treasury playbook evolves
Rather than continuously issuing shares to buy more Bitcoin, B HODL is doing the opposite when conditions warrant it. When shares trade below NAV, retiring equity becomes a more capital-efficient way to increase per-share Bitcoin exposure than acquiring additional coins. According to the company’s analysis, shareholders are getting approximately 24% more Bitcoin exposure per dollar the company spends on repurchases compared to direct BTC purchases.
B HODL is a small company with a treasury of 166 BTC. The £100,000 buyback authorization is 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.
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