Brazil’s oranjebtc joins the wave of struggling crypto Treasury companies returning to purchases
Brazil’s largest Bitcoin Treasury firm Oranjebtc has repurchased 99,600 of its own shares and announced that it will delay further BTC purchases. Brazil’s Oranjebtc Join
The move comes as it moves to bridge the gap between the market price and the net asset value (NAV) of its bitcoin holdings. The company spent 1.12 million reals (about $ 220,000) on the purchase operation.
Oranjebtc, which recently listed on Brazil’s B3 exchange through a reverse merger with Intergraus, Holds 3,708 Bitcoinsworth about $ 409 million at current prices.
It joins a growing number of Digital Asset Treasury (DAT) companies with large cryptocurrency holdings that are leaning toward purchases as their prices sit in discount territory.
For example, Ethzilla (ETHZ) Sold $40 million in ETH to repurchase 600,000 shares Under a $ 250 million purchase plan, after the market-to-Nav (MNAV) ratio dropped to 0.62.
Similarly, Tokyo-listed Metaplanet (3350) made 75 billion yen (around $500 million) Towards purchases financed with a Bitcoin-backed line of credit After the MNAV fell to 0.88. Taken by sequans and empery digital Like Stepstransferring BTC or extending debt facilities to effect repurchases.
Metaplanet shares fell 6% since the buyback was announced, while Ethzilla shares fell more than 4%. Similarly, Sequans’ shares are down more than 20% since the purchase announcement, while Empery Digital has seen an 8% decline.
Shares of Oranjebtc on Brazil’s B3 Exchange closed up 0.3% in yesterday’s trading session.
