Bitcoin Treasury Firm Finds Share Buybacks Yield 24% More BTC Per Share Than Direct Purchases

When a Bitcoin treasury trades at a discount to the Bitcoin it holds, the most efficient method to increase gross Bitcoin exposure per share may be to repurchase its own stock.

UK-listed B HODL Plc tested this inversion during its first week of repurchases. It spent approximately £37,985, inclusive of fees, to retire 823,400 shares. This generated roughly 24% more gross satoshi-per-share accretion per pound than using the same cash to buy Bitcoin at the comparison price.

This 24% advantage is calculated before fees, and the figures do not yet reflect a full net asset value (NAV) per share gain.

B HODL’s official dashboard on July 19 reported holdings of 166.487 BTC, a share price of 5.25 pence, and a market capitalization of £7.385 million. At the displayed Bitcoin price of £48,237, these holdings were valued at approximately £8.031 million, leaving a gap of roughly £646,000.

Applying the latest announced post-cancellation share count at the same stock price results in an equity value of approximately £7.378 million, which is roughly £652,000, or 8.1%, below the Bitcoin value. Both sides of this comparison move continuously.

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Why buying shares outperformed buying Bitcoin

B HODL’s £100,000 buyback authorization took effect on July 9. Disclosures covering purchases on July 9, July 10, July 13, July 15, and July 16 totaled 823,400 shares at a calculated weighted average price of 4.613 pence. These purchases utilized approximately 38% of the authorization before fees.

Following the announced cancellations, the share count decreased from 141,366,091 to 140,542,691. With 166.487 BTC held constant, gross Bitcoin per share rose from 117.77 to 118.46 sats, an increase of 0.69 sats, or 0.59%.

At the same Bitcoin price of £48,237, £37,985 would purchase approximately 0.787 BTC. Distributing that purchase across the original share count would add approximately 0.557 sats per share, compared to the 0.690-sat lift from the buyback. Under these matched assumptions, retiring the equity was approximately 24% more accretive per pound.

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Why B HODL can buy and sell its stock

B HODL is maintaining its at-the-market (ATM) issuance program alongside the buyback. Its ATM program permits share sales only when they are accretive under the company’s Bitcoin-mNAV framework.

Together, these tools create a capital-allocation switch: issuing equity when doing so can increase Bitcoin per share, and retiring equity when the shares themselves offer cheaper Bitcoin exposure.

However, a market capitalization below gross Bitcoin holdings is not equivalent to a discount to full NAV. Full NAV also depends on cash, liabilities, operating assets, costs, and the value of B HODL’s Lightning Network business.

The company’s latest interim balance sheet is historical; thus, the first week demonstrates gross sats-per-share accretion under the stated assumptions, rather than current NAV-per-share accretion.

For other Bitcoin treasuries trading below their per-share BTC value, the implication is conditional but clear.

Issuing more discounted stock can dilute Bitcoin exposure, while repurchasing it can outperform a direct BTC purchase.

Whether this is the optimal move still depends on cash runway, debt, trading liquidity, and operating needs, a discipline increasingly shaping the broader treasury sector.

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