Brazil’s largest bitcoin treasury firm OranjeBTC has repurchased 99,600 of its own shares and announced it will delay additional BTC purchases.
The move comes as it moves to bridge the gap between its market price and the net asset value (NAV) of its bitcoin holdings. The company spent 1.12 million reals (about $220,000) in the buyback operation.
OranjeBTC, which recently listed on Brazil’s B3 exchange through a reverse merger with Intergraus, holds 3,708 bitcoin, worth roughly $409 million at current prices.
It joins a growing number of digital asset treasury (DAT) companies with large cryptocurrency holdings leaning on buybacks while their prices sit in discounted territory.
ETHZilla (ETHZ), for instance, recently sold $40 million in ETH to repurchase 600,000 shares under a $250 million buyback plan, after its market-to-NAV ratio (mNAV) dropped to 0.62.
Similarly, Tokyo-listed Metaplanet (3350) committed 75 billion yen (around $500 million) toward buybacks funded by a bitcoin-backed credit line after its mNAV fell to 0.88. Sequans and Empery Digital have taken similar steps, moving BTC or expanding debt facilities to execute repurchases.
Metaplanet’s shares are down some 6% since the buyback was announced, while ETHZilla’s shares are down more than 4%. Similarly, Sequans’ shares dropped more than 20% since the buyback announcement, while Empery Digital saw an 8% decline.
OranjeBTC’s shares on Brazil’s B3 exchange closed up 0.3% in yesterday’s trading session.