Three Bitcoin companies just changed their share plans. The stock trade is now the story.
The new Bitcoin treasury playbook is less about buying coins and more about fixing the wrapper around them.
CryptoVibe Desk · bitcoin · treasury · stocks
- →Bitcoin Japan raised 9.66 billion yen on July 20 and set aside more than 662 million yen for its first BTC buy.
- →Capital B filed a 10-for-1 reverse split, while B HODL used buybacks to add more gross BTC per share.
- →The number to watch is whether discounts close by late August, because weak shares make Bitcoin treasuries harder to fund.
- convertible bond → A convertible bond is debt that can later turn into company shares under agreed terms.
- reverse stock split → A reverse stock split reduces the number of shares and raises the price per share without changing company value.
- NAV → NAV is the estimated value of a company's assets after subtracting what it owes.
Three Bitcoin treasury companies moved their share math on July 20.
Bitcoin Magazine reported that Metaplanet subsidiary Bitcoin Japan raised 9.66 billion yen, about $59.5 million, through a convertible bond deal with EVO Fund. The same report said Bitcoin Japan allocated more than 662 million yen, about $4 million, to its first BTC purchase.
That is the new entry. The problem is the tape around it. Bitcoin Magazine also reported Metaplanet holds 43,000 BTC, worth more than $2.8 billion. Its stock is down more than 50% year to date.
Capital B went the other way. The Paris-listed company filed a 10-for-1 reverse stock split, effective September 8, aimed at institutional investors. Bitcoin Magazine said the filing would move its share count to 30,065,063 from 300,650,632.
Capital B held 3,139 BTC as of the July 20 report. Its shares traded around €0.48 and were down about 40% year to date, according to the same article. If you're holding the stock instead of spot Bitcoin, that gap is your bag now.
B HODL had the cleaner math. CryptoSlate reported that the UK-listed company held 166.487 BTC as of July 19. Its market value was £7.385 million, against about £8.031 million of gross Bitcoin holdings.
That left an 8.1% discount to gross Bitcoin NAV, or about £652,000, before wider balance-sheet items. CryptoSlate said B HODL bought back 823,400 shares for about £37,985 over five sessions. The first week generated about 24% more gross BTC per share per pound than buying Bitcoin directly, before fees.
The numbers don't add up in the same direction anymore. When treasury stocks trade rich, they can sell shares and buy more Bitcoin. When they trade cheap, the better move can be buying their own stock.
That is cash, not leverage. It also means the Bitcoin treasury trade is no longer one trade. Japan is raising, France is cleaning up the share price, and the UK is testing buybacks. The number to watch is the discount, not the slogan.
B HODL's buyback is the right trade while the discount holds, because its first week added about 24% more gross BTC per share per pound than buying Bitcoin directly.
Watch whether B HODL spends the remaining roughly £62,000 buyback authorization by August 31 and still reports a discount above 5% to gross Bitcoin NAV.
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