B HODL lists in UK after raising $20 million to launch bitcoin treasury strategy

B HODL Plc, a new British firm founded to accumulate and generate revenue from bitcoin in its treasury, listed on the Aquis Stock Exchange in London on Monday after raising approximately £15.3 million ($20.7 million) to embark on its strategy.

The company's shares began trading on the AQSE Growth Market at 8 a.m. local time under the ticker "HODL." Aquis is a UK exchange for small and mid-sized growth firms, with fewer than 100 listings and a total market capitalization below £5 billion ($6.8 billion) — a low-cost alternative to the London Stock Exchange, but far smaller and less liquid.

Ahead of the listing, B HODL raised a total of £15.3 million ($20.7 million) before expenses through the issue of 109,537,520 new ordinary shares at £0.14 ($0.19) each. This includes a previously announced £13.3 million ($18 million) from a direct subscription for 95,251,802 shares and an additional £2 million ($2.7 million) from an oversubscribed WRAP Retail Offer conducted by Winterflood Securities, which added 14,285,718 shares. The new shares rank equally with existing ordinary shares in all respects, including dividend and distribution rights following exchange admission.

Backed by CoinCorner and Adam Back

The company is headed up by former ​​solicitor and co-founder of the advocacy group Bitcoin Policy UK, Freddie New, as CEO, and is backed by UK bitcoin exchange CoinCorner, which holds 14.3% of issued share capital. CoinCorner CEO Danny Scott serves as Chief Bitcoin Officer and as a director of B HODL.

"We are delighted to welcome a broad base of new shareholders alongside our strategic investors and look forward to this journey together," Scott said in the statement. "Our team has been building in Bitcoin for over a decade, and we are determined to make B HODL the leading UK-listed Bitcoin Company. The hard work of building the future of finance begins now."

Additionally, Blockstream CEO Adam Back is listed as a major shareholder, having acquired over 25.5% of the issued share capital. Back is also set to lead the U.S.-based Bitcoin Standard Treasury Company as CEO once it goes public on the Nasdaq via a merger with Cantor Fitzgerald–backed SPAC Cantor Equity Partners I. BSTR will launch with 30,021 BTC on its balance sheet, placing it in the top-four public bitcoin treasury companies globally, and aims to raise up to $1.5 billion through a mix of equity, convertible notes, and preferred stock. 

B HODL's directors aim to build the company into a global player in Bitcoin services, with a focus on Lightning liquidity and infrastructure to support mainstream adoption, according to a statement shared with The Block. The strategy centers on building a substantial bitcoin treasury, with an initial focus on utilizing it to operate highly ranked Lightning nodes, including existing nodes run by CoinCorner. This approach aims to provide scalable liquidity, generating routing fees from Lightning payments. Over time, the company plans to expand and diversify its revenue streams as new opportunities emerge, while continuing to accumulate bitcoin quickly through further issuance of ordinary shares, according to the firm.

“Today's admission is a landmark moment for B HODL," New said in the statement. "We are proud to be the first listed British company dedicated from day one to bitcoin accumulation and revenue generation. The strong support we have received from our new investors, with the WRAP offer upsized and closed early due to demand, underlines the scale of interest in Bitcoin's long-term potential — both as an asset and as a means of payment. With our admission complete, we can now focus on building our bitcoin treasury and deploying it productively through Lightning infrastructure. We believe this strategy positions us at the heart of Bitcoin's next phase of growth, and we are excited to be commencing this journey with all our stakeholders."

UK bitcoin treasury companies on the rise

While U.S. firms, led by Michael Saylor's Strategy, continue to dominate corporate bitcoin acquisitions, the number of BTC treasury companies in the UK is also on the rise.

The Smarter Web Company is the largest of more than a dozen UK firms that have adopted or plan to adopt a bitcoin treasury strategy, with 2,470 BTC ($278 million). The second-largest is Satsuma Technology with 1,149 BTC ($129 million), and Phoenix Digital Assets is third with 247 BTC ($28 million), according to Bitcoin Treasuries data.

B HODL shares are currently trading for £17.88 ($21) per TradingView.