B HODL Shares Jump 67% in 30 Days, Mirroring MicroStrategy's Bitcoin Strategy

Over the past month, B HODL shares have gained 67%. The company said on Thursday it bought 1 bitcoin, raising its total holdings to 167.487 BTC.

B HODL is listed on the Aquis Stock Exchange, a London-based market for smaller growing firms. The acquisition was partly financed by the completion of its second at-the-market (ATM) equity program, with the remainder covered by its Capital Deployment Programme.

B HODL Stock Gains Despite Bitcoin Cost Basis Remaining Underwater

The company spent £57,680 (approximately $77,772) on the bitcoin. Its average purchase price is around $110,129 per coin, meaning the treasury is still about 29% below water.

On Thursday, bitcoin (BTC) was trading close to $77,658, up 0.3% for the day. Over the month, bitcoin has risen 22%, while B HODL shares have tripled that gain.

Sats per share increased to 120.16 from 117.77 at April's close. This metric is important because dilution is beneficial only if each share represents more bitcoin.

An ATM program gradually releases small batches of shares into the market, a method pioneered by MicroStrategy. B HODL raised approximately £48,300 (about $65,000) by selling 600,000 shares at an average price of 8.06 pence. The Capital Deployment Programme covered the remaining amount.

Although the scale of MicroStrategy's billion-dollar raises is much larger, the mechanics are identical. Some peers are unable to issue equity because their stock trades below the value of the bitcoin in their treasury.

Adam Back Supports MicroStrategy Approach

Blockstream CEO Adam Back has given his endorsement to the strategy.

This is how you do it. 👌

— Adam Back (@adam3us) September 3, 2026

Back is also directly supporting European treasury vehicles, having funded a Capital B raise worth €7.6 million on Wednesday.

The stock's rally preceded the announcement. HODL shares ended Wednesday at 8.84p, a 4% gain, following an 11.11% increase on Tuesday.

MicroStrategy remains the standard-setter. Michael Saylor stated that his company holds more reserve capital than any S&P 500 financial firm except Berkshire Hathaway, citing its 845,050 bitcoin holdings.

However, that assertion is based on a metric that MicroStrategy itself created, and MSTR fell 2.1% on Wednesday.

In June, analysts described treasury stocks as a classic bubble chart, and market net asset value (mNAV) pressure has continued since then.

B HODL, however, continues to meet that threshold. The second ATM program provided about 135 sats per new share, well above the 120.16 average.

Issuing shares above that level means shareholders own more bitcoin per share, not less. The third ATM program is expected to begin around September 8, with the same condition applied.