B HODL bought 1 BTC on Thursday for £57,680, or about $77,772, taking its Bitcoin treasury to 167.487 BTC. The Aquis-listed company raised about £48,300, or roughly $65,000, by selling 600,000 shares through its at-the-market (ATM) programme at an average 8.06 pence, with its Capital Deployment Programme covering the balance. B HODL shares rose 67% over the past month and 29% in the latest week, outpacing Bitcoin, which traded near $77,658 on Thursday after gaining 0.3% that day and 22% over the month. The company’s average Bitcoin cost basis is about $110,129 per coin, making it roughly 29% below cost with Bitcoin near the high $70,000s; the cost basis is about 41.8% above that market price. Sats per share rose to 120.16 from 117.77 at the end of April, indicating that recent issuance increased Bitcoin exposure per share. B HODL’s second ATM programme generated roughly 135 sats per new share, above the existing average, while ATM 3 is expected to open around September 8 under the same test. The approach follows the MicroStrategy model of selling equity to acquire Bitcoin, though analysts have warned of market net asset value, or mNAV, pressure across treasury stocks. MicroStrategy remains the sector benchmark, and Michael Saylor has cited holdings of roughly 845,050 BTC in a comparison with S&P 500 financial companies. Adam Back, chief executive of Blockstream, has also endorsed the strategy and funded a €7.6 million Capital B raise for European treasury vehicles.