Brazil’s OranjeBTC Joins Wave of Struggling Crypto Treasury Firms Turning to Buybacks

Brazil’s largest bitcoin treasury firm, OranjeBTC, has repurchased 99,600 shares for 1.12 million reals (approximately $220,000) as part of a growing trend among digital asset treasury (DAT) companies facing market challenges. The firm holds 3,708 bitcoin valued at around $409 million and plans to delay further BTC purchases in an effort to bridge the gap between its market price and the net asset value (NAV) of its bitcoin holdings. This strategy aligns OranjeBTC with other DAT firms like ETHZilla and Metaplanet, which have also undertaken buybacks due to decreasing market-to-NAV ratios. Despite these efforts, the firm’s shares only saw a minor increase of 0.3% following the buyback announcement. Other firms like Sequans and Empery Digital have similarly struggled with their stock performance amidst a declining financial environment for cryptocurrency assets.

Source 🔗