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

OranjeBTC, Brazil's leading bitcoin treasury firm, has repurchased 99,600 of its own shares for 1.12 million reals (approximately $220,000) and announced a delay in further BTC purchases. This buyback highlights a trend among digital asset treasury (DAT) companies, such as ETHZilla, Metaplanet, Sequans, and Empery Digital, aiming to support stock prices amidst market challenges. OranjeBTC's market price is struggling to align with the net asset value (NAV) of its bitcoin holdings, valued at roughly $409 million. Similar strategies have been adopted by other firms, with ETHZilla recently initiating a $250 million buyback after its market-to-NAV ratio fell to 0.62, while Metaplanet’s shares have also seen declines despite implementing buybacks. This general trend reflects the broader difficulties faced by crypto firms in maintaining stock stability in light of fluctuating market conditions.

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