Bitcoin treasury company discovers buying own stock adds 24% more BTC per share than buying Bitcoin

When a Bitcoin treasury trades for less than the Bitcoin it holds, the cheapest way to increase gross Bitcoin exposure per share may be to buy back its own stock. UK-listed B HODL Plc tested that inversion during its first week of repurchases. It paid about £37,985 before fees to retire 823,400 shares, generating about 24% more gross sats-per-share accretion per pound than using the same cash to buy Bitcoin at the co…