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.
