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

OranjeBTC, Brazil's largest bitcoin treasury firm, has repurchased 99,600 of its own shares for 1.12 million reals (approximately $220,000) as part of an initiative to support its stock price amid declining market conditions. The firm, which holds 3,708 bitcoin valued at about $409 million, will also delay further BTC purchases. This buyback trend aligns with movements among other digital asset treasury companies like ETHZilla and Metaplanet, which are similarly engaged in share repurchasing to address the discounted prices of their shares. In particular, ETHZilla announced a $250 million buyback plan after experiencing a drop in its market-to-net asset value ratio to 0.62, while Metaplanet committed to a 75 billion yen (about $500 million) buyback after its ratio fell to 0.88. Since these announcements, shares in these firms have seen declines, raising concerns about their stock resilience in volatile markets. Despite the challenges, OranjeBTC's shares closed up 0.3% in the last trading session on Brazil’s B3 exchange, indicating some market support for their buyback strategy.

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