Brazil-based Bitcoin treasury firm OranjeBTC today reported that it has ended the first quarter of 2026 with 3,723 Bitcoin (BTC) on its balance sheet and reported a modest increase in Bitcoin per share after repurchasing stock during the period.
According to the official release, the São Paulo-listed company said its fully diluted bitcoin-per-share metric rose from 2,291 satoshis at the end of 2025 to 2,295 satoshis as of March 31, a 0.19% quarterly increase. The gain came after OranjeBTC bought back 274,200 shares for about R$2.2 million at an average price of R$7.96 per share.
Bitcoin holdings hold steady
OranjeBTC’s bitcoin reserve increased slightly from 3,722.3 BTC at the end of December to 3,723.0 BTC by quarter-end. Based on an average acquisition cost of roughly R$356,100 per bitcoin, the company carried the position as an intangible asset worth approximately R$1.33 billion.
Management said the company’s primary goal remains to increase the amount of bitcoin backing each share rather than simply accumulate BTC. This approach combines direct bitcoin purchases, share repurchases, selective use of financial instruments, and access to long-term financing.
Buybacks increase BTC per share
During the quarter, Bitcoin prices fell sharply, creating what the company described as a discount between its share price and the estimated value of its bitcoin holdings.
OranjeBTC used that gap to repurchase stock over eight weeks, reducing the number of shares outstanding and slightly increasing each shareholder’s exposure to the company’s bitcoin reserve. The company also reported a cumulative BTC Yield of 2.58% since launching its bitcoin treasury strategy. BTC Yield measures changes in bitcoin per share over time.
Non-cash loss driven by Bitcoin price decline
Bitcoin’s decline during the quarter had a significant impact on OranjeBTC’s accounting results. The company reported a net loss of R$460.7 million, driven primarily by a R$466.8 million fair value adjustment on its bitcoin holdings. OranjeBTC said the charge did not involve a cash outflow and did not reduce the number of bitcoins held.
After adjusting for the mark-to-market effect and other one-time items, management reported a managerial loss of R$2.6 million.
Conservative balance sheet
OranjeBTC ended the quarter with R$68.5 million in cash and cash equivalents, including R$59.3 million invested in STRC, a preferred stock issued by Strategy.
The company used short-term financing of R$52.4 million against that position, leaving net cash of R$16.1 million. Its total debt included a US$23 million zero-coupon convertible note due in 2030. Management said debt represented about 9% of the market value of its bitcoin holdings at quarter-end.
New funding line from Itaú Asset
In April, after the quarter ended, OranjeBTC signed a debt agreement with Itaú Asset Management for up to R$210 million. The financing matures in 2031, with principal and interest payable at maturity. OranjeBTC said the funds could be used for additional bitcoin purchases, stock buybacks, and other strategic initiatives.
OranjeBTC reported 8,579 shareholders at the end of March, up 65% from the end of 2025. Average daily trading volume reached 500,300 shares during the quarter, more than double the level recorded in the previous quarter.
The company also launched an American depositary receipt program in the United States under the ticker ORNJY, giving international investors access to its shares.
Broader outlook
Chief Executive Officer Gui Gomes said the company will continue focusing on increasing bitcoin per share while maintaining a conservative capital structure.
The first quarter tested that strategy during a period of lower bitcoin prices and tighter capital markets, but management said the combination of selective buybacks, modest leverage, and new funding capacity leaves the company positioned to expand its treasury over time.
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