OranjeBTC just pulled nearly 4 million of its own shares off the market, spending roughly $3.11 million (about R$15.9 million) in the process. The goal: boost the amount of Bitcoin backing each remaining share, a metric the company calls BPS, or Bitcoin per share.
The buyback math
OranjeBTC holds approximately 3,912 BTC, a treasury valued somewhere between $244 million and $250 million at current spot prices. That makes it the largest corporate Bitcoin treasury operation in Latin America.
The company’s average acquisition cost sits between $103,756 and $105,085 per Bitcoin. With Bitcoin trading well above those levels recently, the firm is sitting on meaningful unrealized gains across its holdings.
The buyback only makes strategic sense when shares trade below the company’s modified net asset value, or mNAV. That’s exactly the situation OranjeBTC found itself in. When the market prices your stock at less than the Bitcoin on your balance sheet is worth, buying back shares is essentially acquiring Bitcoin at a discount to spot price.
A dual capital allocation strategy
OranjeBTC isn’t just buying back shares. It’s also still accumulating Bitcoin directly. During recent market activity, the firm picked up approximately 8 BTC alongside its share repurchases, producing a reported weekly gross BTC yield of 2.68%.
The company has been consistent about this strategy. Prior buyback activity included roughly 289,000 shares repurchased in a single week, paired with the purchase of 20 BTC. The latest 3.92 million share repurchase represents a significant acceleration of that pace.
OranjeBTC went public on B3 in October 2025 through a reverse merger. In February 2026, the company became the first public firm to allocate reserves to STRC, which is Strategy’s Variable Rate Perpetual Preferred Equity.
Why this matters beyond Brazil
OranjeBTC’s average cost basis above $103K means a sustained move below that level would put the firm underwater on its holdings. The key metric to track is the BPS growth rate over time. If OranjeBTC can consistently grow the Bitcoin backing each share through a combination of direct purchases and buybacks, it creates a compounding effect. A 2.68% weekly BTC yield suggests the math is working so far.