B HODL Plc, a new UK company set up to build a Bitcoin treasury and earn from it, began trading on the Aquis Stock Exchange (AQSE) on Monday under the ticker HODL. The firm raised about £15.3m ($20M) by issuing new ordinary shares.
The listing took place on the AQSE Growth Market in London. B HODL plans to buy and hold bitcoin and to use those holdings to generate revenue, beginning with services on the Lightning network.
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Listing and fundraising
B HODL issued 109,537,520 new ordinary shares at £0.14 ($0.19) each, raising roughly £15.3m ($20M) before costs.
That total includes a direct subscription for 95,251,802 shares that brought in £13.3m ($17M) and an oversubscribed WRAP Retail Offer that added 14,285,718 shares and about £2m ($2.7m).
The new shares sit on equal terms with existing stock on all rights, including dividends and distributions.
The company joined Aquis’s Growth Market, a venue that caters to small and mid-sized firms. Aquis has fewer than 100 listings and a total market cap below £5bn, making it a lower-cost and smaller alternative to the London Stock Exchange.
Leadership and shareholders
Freddie New, a former solicitor and a co-founder of Bitcoin Policy UK, leads B HODL as CEO. CoinCorner, a UK bitcoin exchange, backs the company and holds 14.3% of the issued share capital. CoinCorner’s CEO, Danny Scott, is on B HODL’s board and serves as Chief Bitcoin Officer.
Blockstream CEO Adam Back is listed as a major shareholder with more than 25.5% of the issued capital. Back is also due to lead a U.S. vehicle, the Bitcoin Standard Treasury Company, once that business lists on Nasdaq via a SPAC merger.
That U.S. company plans to begin with 30,021 BTC on its books and aims to raise to $1.5bn through a mix of equity, convertible notes, and preferred stock.
Strategy and operations
B HODL’s plan centres on building a large bitcoin holding quickly and then using that treasury to run Lightning network services. The firm says it will operate high-ranking Lightning nodes, including some already run by CoinCorner.
Those nodes are intended to provide liquidity for payments and to earn routing fees as people move small amounts across the network.
The company expects to widen how it makes money over time. For now, the focus is on Bitcoin accumulation, Lightning infrastructure, and then adding other income streams as they emerge. The team also says it will continue to grow its bitcoin stash through further issues of ordinary shares.
Market context
U.S. firms remain the largest corporate acquirers of Bitcoin, led by major Treasury companies. Still, the UK is seeing more local players form with dedicated bitcoin strategies.
B HODL aims to become a home-listed option for investors who want exposure to bitcoin via an on-exchange vehicle.
Support from known names, including CoinCorner and Adam Back, gave the float a lift. The WRAP offer was oversubscribed and closed early, the company said, a sign of demand from retail and strategic investors.
Investors will be watching how quickly B HODL can add bitcoin to its balance sheet and how well its Lightning nodes perform. Routing fee income depends on volume and node ranking, so execution matters.