OranjeBTC, a Brazilian company that simulates a bitcoin treasury, will complete four months since its listing on the B3 stock exchange this Friday, January 6th. Inspired by the same strategy that rescued Strategy from obscurity in the American market , the company, however, has received the same attention in its Brazilian market. In these four months on the stock exchange, its shares have depreciated by 73%.
The drop was the largest ever recorded for a first quarter, considering offerings made after 2020, according to a survey conducted by Elos Ayta at the request of NeoFeed .
Of the approximately 75 IPOs carried out during the period, the worst performance up to that point was that of the anti-fraud company ClearSale, which depreciated by 61% in its first four months on the stock exchange. In 2025, its shares were delisted after the company was sold to Serasa Experian.
Besides ClearSale and OranjeBTC, only three other companies had fallen more than 50% in the four months following their listing: Moura Dubeux, with a 57% drop, and BrisaNet and Trade, which fell 56%.
Listed through a reverse IPO involving the shares of the education company Integral, OranjeBTC debuted on the stock exchange as the largest holder of bitcoin in Latin America, with the premise of being a vehicle for those who wanted leveraged exposure to the cryptocurrency .
With the company listed, part of the strategy involved taking on convertible debt to increase treasury bitcoin reserves and selling shares to buy more bitcoin.
The strategy was fully implemented in the company's early days on the stock exchange, with the issuance of convertible debt and the sale of shares to purchase bitcoins. Since mid-December, however, the company has neither sold shares nor increased its bitcoin holdings.
In an interview with NeoFeed , Guilherme Gomes, CEO of OranjeBTC, states that a substantial part of the company's devaluation is due to the fall in Bitcoin, which dropped 47% in Brazilian reais during the period amidst uncertainty. With the stock falling more than Bitcoin itself, the company is now worth less than its Bitcoin reserves, valued at R$1.274 billion – 21% above its market value.
During periods of cryptocurrency decline, Gomes states that it's natural for the shares of bitcoin treasury firms, such as OranjeBTC, to depreciate even further. In the same period, the American firm Strategy fell 70.3%. "That's how the segment works, because leverage exists. It's a company that has leverage, that's building and developing products around bitcoin," he says.
Oranje's leverage is close to 9% of the value of its bitcoin reserves. “There are bitcoin treasury firms that have taken on gigantic leverage. That explains why they trade at a discount [when bitcoin is falling]. They might not be able to repay the debt, so the market prices in the uncertainty. But, in our case, the leverage level is extremely low.”
Gomes has never hidden the fact that the ideal scenario is to keep the company's value higher than its bitcoin reserves, as this would enable the sale of shares to buy bitcoin or even new issuances. However, with the company now worth less than its reserves, the volume of share buybacks at OranjeBTC already exceeds sales.
Since its listing, the company has repurchased 513,800 common shares and sold 331,700. During this period, additional purchases of 56.3 bitcoins were also made, according to periodic data released by the company and compiled by NeoFeed .
The company also remains stagnant in the debt market, with no new issuances since October of last year, when it entered into a transaction involving convertible debentures at zero interest. However, with the stock price falling below its current value, attracting new creditors is becoming more difficult, as conversion into shares becomes less attractive.
Although it has faced a perfect storm since its IPO, the CEO of Oranje affirms that the plan to issue new debt and shares to increase its bitcoin reserves remains intact. “I’m not here for a trade . I’m here to build a platform for the next 5, 10 years.”
In addition to the main strategy of increasing bitcoin reserves, the CEO is also focused on plans for the education arm involving the Integral brand, acquired for the reverse IPO. “At Integral Digital, we have a partnership with the Mentoria group, with many enrolled students. The company will have revenue and a large customer base, as well as being the largest bitcoin treasury in Latin America.”
