B HODL stock has climbed 67% in the past month after the company announced it bought one Bitcoin on Thursday, increasing its total treasury holdings to 167.487 BTC. The move raises the question of whether small-cap treasury companies can replicate the financial success of larger players using similar equity issuance strategies.
The company, which trades on the Aquis Stock Exchange in London, part-funded the purchase by completing its second at-the-market (ATM) equity programme. The remainder was covered by its Capital Deployment Programme. B HODL paid £57,680, approximately $77,772, for the coin. With an average cost of about $110,129 per Bitcoin, the company's treasury remains roughly 29% below its acquisition cost.
Bitcoin traded near $77,658 on Thursday, up 0.3% on the day. The cryptocurrency has gained 22% in a month, a pace that B HODL stock tripled. Sats per share, a metric used to measure dilution, rose to 120.16 from 117.77 at the end of April. This figure is significant because equity dilution only benefits shareholders when each new share holds more Bitcoin than the previous average.
The ATM programme involves selling small tranches of shares into the open market, a tool pioneered by MicroStrategy. B HODL raised about £48,300, or roughly $65,000, by selling 600,000 shares at an average price of 8.06 pence. While the scale is far smaller than MicroStrategy's billion-dollar raises, the mechanism is identical. Some peers in the sector cannot sell equity because their stock prices trade below the value of the Bitcoin they already hold.
Adam Back, chief executive of Blockstream, has endorsed this approach. He also directly backs European treasury vehicles, having funded a €7.6 million raise for Capital B on Wednesday. However, B HODL's rally began before the latest announcement. The stock closed Wednesday at 8.84p, up 4% on the day, following an 11.11% jump on Tuesday.
MicroStrategy continues to set the benchmark for the sector. Michael Saylor stated that his firm holds more reserve capital than every S&P 500 financial company except Berkshire Hathaway, citing holdings of 845,050 Bitcoin. That claim relies on a metric designed by MicroStrategy itself, and MSTR shares slipped 2.1% on Wednesday. Analysts had described treasury stocks as a textbook bubble chart in June, and market net asset value pressure has persisted since.
B HODL has managed to clear that performance bar recently. Its second ATM programme delivered roughly 135 sats for each new share, comfortably above the 120.16 average sats per share. Issuing shares above that line ensures holders own more Bitcoin per share rather than less. The company's third ATM programme is expected to open around September 8, with the same performance test attached.