B HODL Plc, the UK-listed Bitcoin treasury company, spent about £37,985 last week retiring 823,400 shares. The move generated roughly 24% more gross sats-per-share accretion per pound than buying Bitcoin directly at the comparison price, according to the company's calculations.
How the numbers stack up
The buyback reduced B HODL's share count from 141,366,091 to 140,542,691, lifting gross Bitcoin per share from 117.77 to 118.46 sats — a 0.59% increase, or 0.69 sat per share. A direct Bitcoin purchase of 0.787 BTC with the same £37,985 would have added only 0.557 sat per share. That's a big gap.
B HODL held 166.487 BTC as of July 19. With Bitcoin at £48,237, its stash is worth about £8.031 million, leaving the company's £7.385 million market cap trailing by roughly £646,000.
The capital-allocation switch
B HODL runs an at-the-market (ATM) issuance program alongside the buyback, letting it sell shares only when accretive under its Bitcoin-mNAV framework. That creates a neat capital-allocation lever: when buybacks give more sats per pound than direct Bitcoin buys, the company can pull the trigger on repurchases instead of hitting the spot market. It's a flexible tool, not a one-off trick.
What about full NAV?
The 24% accretion figure is based on gross sats-per-share under stated assumptions. It doesn't account for full NAV-per-share, which depends on cash, liabilities, operating assets, and B HODL's Lightning Network business. So the headline number is a narrow comparison — but it's still a strong signal that the buyback is working as intended.
B HODL's next move will depend on how the math shakes out. With Bitcoin around £48,000 and the company's shares trading at 5.25 pence, the gap between market cap and Bitcoin holdings leaves room for either more buybacks or direct purchases, whichever gives better sats-per-share accretion. The switch stays live.
