There’s a new joiner in the public companies’ trend with Bitcoin on their balance sheets. UK Firm B HODL Plc. just made an announcement of its maiden major B HODL Bitcoin buy, purchasing 100 BTC to initiate its treasury strategy.
The UK Firm B HODL Purchase Details
The company acquired the Bitcoin at an average price of $113,227 per coin. That places the value of the acquisition at approximately $11.3 million. With this move, B HODL immediately enters the global rankings, now standing as the 98th largest public company Bitcoin treasury holder in the world.
The UK Corporate Bitcoin Landscape
Although a large step for B HODL, the UK is already home to companies with significantly larger stakes. Smarter Web is currently the leader by far with a staggering 2,525 BTC. Coming in second place is Satsuma with 1,125 BTC.
This B HODL Bitcoin buy, of course, follows the template set by Michael Saylor’s MicroStrategy. The company stated that its intention is to build a “long-term strategic reserve” that will also power its Lightning Network operations.
Strategy: The Undisputed Leader
It is worth noting the market leader’s size. Strategy is the behemoth of the corporate Bitcoin realm, holding a staggering 639,835 BTC. This stash is valued at over $72 billion at prevailing prices, indicating the vast gap between it and other public companies.
What This Means for Bitcoin
These corporate purchases by B HODL provide a strong fundamental support for Bitcoin’s price. Bitcoin is now priced at $112,730 at the time of writing, quite stable. With more companies following the same strategy, it only further solidifies Bitcoin as a strategic treasury reserve asset, reaffirming its investment thesis in the long run.
