Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
A company founded in February 2025 that holds Bitcoin instead of making products — Brazil’s answer to MicroStrategy, and the largest corporate Bitcoin reserve in Latin America. Its shares have fallen 75% from their first-day peak, yet it keeps buying.
| Full name | Oranjebtc S.A. – Educação e Investimento |
| Tickers / exchange | OBTC3 · B3 (São Paulo); ADR: ORNJY (OTC, US) |
| Headquarters | Av. Brigadeiro Faria Lima, São Paulo, SP, Brazil |
| Sector | Bitcoin treasury & education |
| Employees | Not disclosed in available sources |
| Market value (market cap) | R$965 million (US$187 mn) (~$187 million USD) |
| Yearly sales (revenue TTM) | –R$509,000 (~–$99,000 USD) — pre-revenue |
| Net profit | Not meaningful — company is pre-revenue |
| Net margin | 0% (EODHD); no operating revenue to margin |
| Return on equity (ROE) | –66.2% — equity is being consumed by losses |
| Price-to-earnings (P/E) | Not applicable — no earnings |
| Dividend yield | None |
| Net cash (our calculation) | R$19.2 million (US$4 mn) (~$3.7 million USD); no debt on 2025 balance sheet |
| Website | ri.oranjebtc.com |
What it is
OranjeBTC is the first company listed in Latin America dedicated exclusively to Bitcoin, with no operations outside the crypto ecosystem. It does two things: hold Bitcoin on its corporate balance sheet as a reserve asset, and educate investors, companies, and governments about Bitcoin.
The listing came through a reverse merger — the acquisition and incorporation of Intergraus S.A., a traditional São Paulo exam-prep school from the Bioma Educação group — rather than a conventional share offering. The model is explicitly inspired by US firm MicroStrategy, which pioneered the concept of a company holding its entire treasury in Bitcoin.
Who owns it
At listing, 155.3 million ordinary shares were outstanding, with 14% in the hands of founders and executives, locked up for two years. EODHD data shows insiders at 4.6% and institutions at 23.2%, implying a free float of roughly 72% (our calculation).
The single largest identifiable block of named external capital came pre-listing.
Itaú BBA, the investment arm of Brazil’s largest bank, anchored a $210 million financing round; other named backers include Tyler and Cameron Winklevoss of Gemini, Mexican billionaire Ricardo Salinas, crypto brokerage FalconX, Blockstream CEO Adam Back, and US funds Off the Chain Capital and ParaFi Capital.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
+1.33%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 64,035 | +1.33% | -44.79% | 63,193 | 64,524 | 62,913 | 26,464,026,624 |
| ETH | 1,792 | +2.72% | -39.36% | 1,744 | 1,805 | 1,737 | 9,384,017,920 |
| SOL | 78.28 | +0.30% | -52.30% | 78.05 | 79.52 | 77.36 | 2,021,696,768 |
| XRP | 1.10 | +0.84% | -56.71% | 1.09 | 1.12 | 1.09 | 1,076,337,152 |
| BNB | 573.80 | +0.94% | -16.31% | 568.47 | 577.48 | 568.24 | 1,038,507,712 |
| ADA | 0.17 | -0.19% | -75.45% | 0.17 | 0.17 | 0.17 | 371,178,976 |
| DOGE | 0.07 | +1.51% | -62.03% | 0.07 | 0.07 | 0.07 | 502,698,880 |
| AVAX | 6.73 | +0.70% | -67.47% | 6.68 | 6.81 | 6.67 | 205,370,272 |
| LINK | 7.92 | +2.39% | -48.05% | 7.73 | 8.00 | 7.72 | 203,038,384 |
| DOT | 0.87 | +5.56% | -77.57% | 0.83 | 0.89 | 0.82 | 115,058,592 |
| LTC | 44.66 | +2.04% | -52.87% | 43.77 | 44.66 | 43.58 | 196,065,600 |
| BCH | 250.34 | +5.29% | -51.66% | 237.77 | 254.31 | 237.28 | 132,183,680 |
| TRX | 0.33 | -0.45% | +12.45% | 0.33 | 0.33 | 0.33 | 474,948,384 |
| XLM | 0.19 | +1.25% | -37.71% | 0.19 | 0.19 | 0.19 | 240,018,368 |
| HBAR | 0.07 | +0.40% | -63.05% | 0.07 | 0.07 | 0.07 | 43,334,568 |
| NEAR | 1.89 | -1.33% | -24.81% | 1.92 | 1.96 | 1.89 | 151,204,544 |
| ATOM | 1.58 | +1.95% | -65.77% | 1.55 | 1.59 | 1.54 | 19,552,342 |
| AAVE | 95.35 | +4.49% | -69.12% | 91.26 | 97.88 | 90.95 | 289,328,448 |
Who runs it
Guilherme Gomes is founder and CEO; Josh Levine chairs the board; and Guilherme Affonso Ferreira Filho — known as “Guiga” Ferreira — is CFO. Gomes previously led expansion at Swan Bitcoin in the US and worked at Bridgewater Associates before that.
CFO Guiga Ferreira was one of the founding members of XP Inc., where he served as CFO and helped transform it from a financial-education startup into one of Brazil’s largest financial institutions, through its IPO. Eric Weiss, a former Morgan Stanley banker and founder of Blockchain Investment Group, sits on the board.
The money, in plain words
OranjeBTC has almost no traditional revenue — its trailing twelve-month sales are negative R$509,000 (~–$99,000 USD), meaning costs exceed the tiny income from education activities. Its return on equity is –66.2%, so owners’ capital is shrinking from losses; the P/E ratio does not exist because there are no earnings.
This is not a business you value by profits — it is valued almost entirely by its Bitcoin holdings.
The company holds 3,762 BTC worth approximately $240 million, while its total market value is only ~$187 million — meaning shares are trading at a discount to the underlying Bitcoin, not a premium. The position was acquired for roughly $395 million at an average cost of about $105,084 per coin, leaving an unrealized loss of around $155 million at current prices.
What it is doing now
In April 2026, after the first quarter closed, OranjeBTC signed a new debt agreement with Itaú Asset Management for up to R$210 million (US$41 mn) (~$40.8 million USD), maturing in 2031 with principal and interest due at maturity. The funds may be used for additional Bitcoin purchases, share buybacks, or other strategic moves.
Most recently, the company bought 20 BTC and repurchased shares, bringing total holdings to 3,762 BTC and achieving a year-to-date Bitcoin-per-share gain — its own measure of performance — of 2.20%. The company also launched an American depositary receipt programme in the US under the ticker ORNJY, opening the stock to international investors.
What to watch
- Bitcoin price: Itaú BBA has noted that OranjeBTC can attract investors seeking leveraged Bitcoin exposure through the stock exchange, but its success depends entirely on Bitcoin’s price appreciation and continuous access to capital markets.
- Capital access: The R$210 million (US$41 mn) Itaú facility matures in 2031 and funds future Bitcoin buying; any tightening of credit or equity market conditions directly limits growth.
- Discount to NAV: OranjeBTC’s shares have traded below the net value of its Bitcoin holdings — if that discount persists or widens, it signals the market is sceptical the company can create value beyond simply owning Bitcoin.
- Share count: The company raises cash partly by issuing new shares, which dilutes each existing share’s Bitcoin exposure; watch for equity issuances alongside each new Bitcoin purchase.
Sources
- OranjeBTC Investor Relations (ri.oranjebtc.com) — company IR hub, Q1 2026 results
- Economia S/A — OranjeBTC estreia na B3 (Oct 2025) — CEO, CFO, board names and backgrounds
- InfoMoney — OBTC3 estreia na Bolsa (Oct 2025) — share count, lock-up, listing mechanics
- Yahoo Finance / OranjeBTC Lists in Brazil (Oct 2025) — named backers, Itaú BBA financing
- Yahoo Finance / Billionaire-backed OranjeBTC (Oct 2025) — Winklevoss, Salinas, FalconX
- Bitcoin Magazine — OranjeBTC expands holdings (Oct 2025) — board, financing round detail
- CryptoTimes — Q1 2026 results (May 2026) — Itaú debt facility, shareholder count, ORNJY ADR
- Bitcoin Magazine — OranjeBTC adds 20 BTC (Jun 2026) — latest treasury and buyback action
- CoinGecko — OranjeBTC Bitcoin treasury data — BTC holdings, cost basis, unrealized loss
- Yahoo Finance — OranjeBTC buyback (Oct 2025) — NAV discount, buyback rationale
- Market data: EODHD.
This is news, not investment advice.
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