B HODL Enters the Bitcoin Arena

UK-based B HODL Plc has made a bold move, allocating $11.3 million to acquire 100 Bitcoin as part of their new corporate treasury strategy. This positions them among the top 100 public companies holding the cryptocurrency.

Just a day after their debut on London’s Aquis Stock Exchange (ticker: HODL), where they raised £15.3 million ($20.7 million), the company announced the Bitcoin purchase. The market reacted positively, with B HODL shares surging 38% from their listing price to £22.09 ($29.77).

Management plans to use the Bitcoin reserve to support Lightning Network operations, facilitating faster and cheaper Bitcoin transactions. This also aims to generate revenue through routing fees.

UK Bitcoin Treasuries: A Snapshot

While B HODL's entry is significant, other UK firms have larger Bitcoin reserves:

• Smarter Web Company: Leads with 2,525 Bitcoin ($286 million)
• Satsuma: Holds 1,149 Bitcoin, primarily from investor funds.
• Phoenix Digital Assets: Holds 247 Bitcoin

Smarter Web recently issued a $21M Bitcoin-denominated convertible bond from TOBAM, showcasing the evolution of corporate treasury strategies. They are also exploring acquisitions of distressed rivals to acquire discounted BTC.

Global Landscape: MicroStrategy Still Dominates

Globally, MicroStrategy, led by Michael Saylor, remains the dominant player with 639,835 Bitcoin, worth an estimated $72 billion. Their accumulation strategy began in 2020.

Cooling Enthusiasm for Bitcoin Treasuries?

Despite high profile moves like B HODL's, research suggests that enthusiasm for Bitcoin treasury strategies may be waning. K33 research indicates that a quarter of public companies holding Bitcoin now trade below the value of their reserves, potentially hindering their ability to raise capital through share sales. Companies in this situation include Twenty One, Semler Scientific, and Smarter Web Company.

UK's Shifting Crypto Landscape

Adoption is rising in the UK, as an Aviva survey reveals that 27% of UK adults would consider adding crypto to their pensions, and 23% might withdraw funds for direct crypto investments. However, regulated crypto options remain limited compared to the U.S.

The Financial Conduct Authority (FCA) is working to streamline crypto approvals, having reduced approval times and increased approval rates. However, the number of applications has slowed. The UK will enforce strict crypto reporting rules from January 1, 2026, to combat fraud and increase oversight.

Key Takeaways:

• B HODL's entry signifies growing mainstream interest in Bitcoin as a treasury asset.
• Market sentiment towards corporate Bitcoin holdings might be shifting, as some firms trade below their reserve values.
• UK's crypto landscape is evolving with increasing adoption and tightening regulation.