Brazilian MicroStrategy? OrangeBTC Debuts With Latin America’s Largest BTC Treasury

Brazilian Bitcoin treasury and education firm “OrangeBTC” just went public on Tuesday via a reverse IPO. To reach the Brazilian stock market, the company acquired the already-listed “Intergraus” for roughly $3 million. 

This development marks a new and exciting addition to institutional Bitcoin in South America. Holding 3,675 BTC, it’s not only the region’s largest corporate stack, but also the biggest globally outside the U.S., China, and Japan — landing at #25 on the world treasury leaderboard.

Former Morgan Stanley advisor Eric Weiss, who many consider to be the godfather of Wall Street Bitcoin adoption, is joining OrangeBTC’s advisor board. Weiss is often spoken of as the man who influenced Michael Saylor to switch MicroStrategy’s business model to a Bitcoin company. 

When it comes to MicroStrategy comparisons, OrangeBTC CEO Guilherme Gomes believes the wave is only starting to build.

“Michael Saylor recently said this investment model truly began in November of last year,” said Guilherme. “Soon we’ll see banks and insurance companies doing the same. It’s the beginning of a new industry. Across all of Latin America, there still isn’t a single company fully focused on this.”

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OrangeBTC’s public listing via reverse IPO came with the issuance of 155.2 million common shares as part of its reverse IPO. The company also holds R$128 million in convertible debt, which could add nearly 7 million new shares if fully exercised. Based on recent BTC prices and the potential total share count, the implied Bitcoin value per share is estimated at around US$2.80.

With a treasury worth around $400 million, OrangeBTC is entering the public markets with a Bitcoin stack that already rivals some of the biggest names in the space. For comparison, Metaplanet, now one of the world’s top corporate Bitcoin holders, began its own BTC strategy with about 60% less than OrangeBTC’s current holdings.