B HODL Stock Surges 67% in a Month on MicroStrategy Bitcoin Playbook

B HODL stock has climbed 67% in a month. It announced buying 1 BTC on Thursday, lifting its treasury to 167.487 BTC.

The company trades on the Aquis Stock Exchange, a small London venue for growth companies. It part-funded the purchase by completing its second at-the-market (ATM) equity programme, with its Capital Deployment Programme covering the rest.

B HODL Stock Climbs While the Bitcoin Cost Basis Stays Underwater

The company paid £57,680, or about $77,772, for the coin. Its average cost sits near $110,129 per Bitcoin, so the treasury stays roughly 29% under water.

Bitcoin (BTC) traded near $77,658 on Thursday, up 0.3% on the day. The coin has gained 22% in a month, so B HODL stock tripled that pace.

Sats per share climbed to 120.16 from 117.77 at the end of April. That number matters because dilution only pays when each share ends up holding more Bitcoin.

An ATM programme drip-feeds small share tranches into the open market, and MicroStrategy pioneered the tool. B HODL raised about £48,300, or roughly $65,000, selling 600,000 shares at an average 8.06 pence. The Capital Deployment Programme made up the difference.

The scale differs wildly from MicroStrategy’s billion-dollar raises, yet the mechanism is identical. Several peers cannot sell equity at all, because their stock trades below Bitcoin they already own.

Adam Back Endorses the MicroStrategy Model

Adam Back, the Blockstream chief executive, endorsed the approach.

This is how you do it. 👌

— Adam Back (@adam3us) September 3, 2026

He also backs European treasury vehicles directly, funding a Capital B raise worth €7.6 million on Wednesday.

The rally, however, arrived before the news. HODL closed Wednesday at 8.84p, up 4% on the day, after an 11.11% jump on Tuesday.

MicroStrategy still sets the benchmark. Michael Saylor said his firm holds more reserve capital than every S&P 500 financial except Berkshire Hathaway, pointing to 845,050 Bitcoin.

That claim rests on a metric MicroStrategy designed itself, however, and MSTR slipped 2.1% on Wednesday.

Analysts called treasury stocks a textbook bubble chart in June, and market net asset value (mNAV) pressure has persisted since.

B HODL, however, keeps clearing that bar. ATM 2 delivered roughly 135 sats for each new share, comfortably above the 120.16 average.

Issuing above that line leaves holders owning more Bitcoin per share, not less. ATM 3 opens on about September 8 with the same test attached.