In a significant move for the cryptocurrency landscape, B HODL, the UK’s newest Bitcoin-focused public company, has swiftly implemented its strategy following its debut on the Aquis Stock Exchange. The company disclosed on Wednesday that it has acquired 100 Bitcoin, valued at approximately $11.3 million, marking its entry as one of the first British firms to establish a formal corporate Bitcoin treasury strategy.
The announcement of this purchase comes merely one day after B HODL successfully raised £15.3 million (around $20.7 million) through its IPO, aimed at funding a long-term digital asset strategy. With this initial acquisition, B HODL now holds 100 BTC, translating to an average price of £83,872 ($113,227) per coin. As a result, the company has secured the 98th position on Bitcoin Treasuries’ global leaderboard, which ranks publicly traded firms based on their Bitcoin holdings.
B HODL’s approach closely resembles the strategy of Michael Saylor, the former CEO of MicroStrategy, which has emerged as the world’s largest corporate holder of Bitcoin. Since embracing Bitcoin as its primary reserve asset in 2020, Saylor’s company has amassed over 500,000 BTC, a move funded by billions raised through equity offerings and convertible debt. Saylor has consistently positioned Bitcoin as a viable long-term investment, often referring to it as “digital gold.” In a recent transaction, MicroStrategy acquired 525 BTC for $60.2 million, further bolstering its total holdings to 638,985 BTC.
The core tenets of Saylor’s strategy include disciplined purchasing, leveraging capital markets to finance acquisitions, and treating Bitcoin as a non-yielding, inflation-proof asset. B HODL appears to be adopting this framework but with a notable distinction: the company plans to utilize its Bitcoin treasury through the Lightning Network, effectively transforming its holdings into a productive asset rather than maintaining a purely passive stance.
While B HODL’s entrance into the Bitcoin market is noteworthy for UK investors, it still trails behind its domestic competitors. The Smarter Web Company stands at the forefront of British firms with significant Bitcoin holdings, boasting 2,525 BTC valued at $286 million, and ranking 29th globally. Just yesterday, Smarter Web Company enhanced its position under its “The 10 Year Plan,” a long-term strategy aimed at accumulating Bitcoin, by purchasing an additional 55 BTC.
B HODL’s rapid strides into Bitcoin investment could possibly shape the future of corporate cryptocurrency strategies in the UK, positioning it as a pioneer alongside established players in the market. As interest in Bitcoin continues to grow, the company’s innovative approach may inspire other firms to adopt similar treasury models, particularly as the cryptocurrency landscape evolves.
