Brazilian Bitcoin reserve company OranjeBTC joins the repurchase trend, temporarily suspending BTC purchase plans.

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BTC-0,11%

Golden Finance reports that Brazil's largest Bitcoin reserve company, OranjeBTC, has repurchased 99,600 shares of its own stock, costing approximately $220,000 (1.12 million reais), and announced that it will delay additional Bitcoin purchase plans. The company currently holds 3,708 Bitcoins, valued at approximately $409 million. This move is aimed at narrowing the gap between its market price and the net asset value (NAV) of its Bitcoin assets. OranjeBTC has joined a wave of digital asset reserve companies that are supporting stock prices through buybacks, including ETHZilla, Metaplanet, Sequans, and Empery Digital.

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