Brazil’s OranjeBTC Joins Wave of Struggling Crypto Treasury Firms Turning to Buybacks
Brazil's OranjeBTC repurchased its shares and delayed further BTC purchases amid a trend of crypto treasury firms using buybacks.Summary
OranjeBTC, Brazil's largest bitcoin treasury firm, has repurchased 99,600 of its own shares for 1.12 million reals (about $220,000) and announced a delay in additional Bitcoin purchases. This action aims to narrow the gap between its market price and the net asset value (NAV) of its substantial Bitcoin holdings, which total 3,708 BTC worth approximately $409 million. OranjeBTC joins a growing trend among digital asset treasury (DAT) companies, such as ETHZilla, Metaplanet, Sequans, and Empery Digital, which are resorting to share buybacks or leveraging debt facilities to execute repurchases while their stock prices trade at a discount relative to their crypto NAVs. Despite these buybacks, shares for several of these companies, including Metaplanet and ETHZilla, have seen declines following their announcements.
(Source：CoinDesk)