São Paulo–listed OranjeBTC put its second-quarter books on the table Friday and walks investors through them this morning. The Q2 2026 results letter (B3: OBTC3; ADR ORNJY) closes June 30 with 3,898 BTC in treasury, up from 3,723 on March 31. The company bought 375 BTC in the quarter at an average of about $65,500 and reported a 12.69% gross BTC yield. The earnings call is at 09:00 BRT.
375 bought, 175 kept
The two coin counts sit on the same page because they measure different things. OranjeBTC acquired 375 BTC and added a net 175. The gap is the quarter’s largest capital-structure trade: the firm delivered 200 BTC to a creditor to retire a convertible note with a face value of about $23 million, which also extinguished the right to issue 6,966,760 new shares. In the same week it bought those 200 BTC back in the open market for about $12.6 million. The reserve returned to where it had been. The convertible, and the dilution it carried, did not.
The purchase price sat 8.5% under the quarter’s average bitcoin print of about $71,600. On the B3 line the company also retired 4,529,800 OBTC3 shares at an average R$6.14, a R$27.8 million outlay the letter says ran 9.3% below the quarter’s average share price of R$6.77. That is the same two-tool playbook we last walked through on the August 3 cycle close: buy coins when stacking is cheap, buy stock when the equity is cheaper.
Bitcoin per fully diluted share rose from 2,295 satoshis on March 31 to 2,586 on June 30. Shares needed to claim one bitcoin fell from 43,568 to 38,663. Gross BTC yield is the company’s own name for that percentage change, ignoring net debt. It is not a cash coupon and not a forecast. The letter also prints 12.90% for the first half of 2026 and 15.60% since the strategy began.
After June 30 the buying did not stop. The same letter’s latest available position is 3,950 BTC, about 2,692 satoshis per share, and a 2026 gross BTC yield of 17.52%. BitcoinTreasuries.net shows that 3,950 figure as of August 10 and ranks OranjeBTC #24 among public holders worldwide.
The accounting loss and the cash P&L
The IFRS line is a R$183.9 million quarterly loss. R$148.9 million of that is a non-cash mark on the bitcoin reserve after the coin’s drop in the period. Another R$13.8 million is a non-cash mark on the firm’s own holding of Strategy’s STRC preferred shares. Strip those and a handful of other non-operating items and the managerial result is a R$0.7 million loss, narrower than the R$2.6 million managerial loss in the first quarter. Recurring cash expenses were R$3.1 million, under the R$4.0 million quarterly budget. Active treasury management contributed R$2.2 million. Money Times carries the same cut.
Cash and equivalents ended June near R$75.8 million, of which about R$54.1 million sat in STRC. Short-term debt tied to that position was about R$51.7 million, leaving net cash around R$24.1 million. The convertible is gone. In its place sits a longer Itaú Asset Management facility of up to R$210 million, due 2031, with principal and interest at maturity and bitcoin as collateral. Debt against the reserve is about 14%.
DIGY11 sits beside the reserve
In August, at Blockchain.RIO, OranjeBTC announced DIGY11, the Digital Yield ETF, as its first product that is not the treasury itself. The letter says the fund will list on B3 in September, pay monthly distributions in reais, hedge the dollar, and trade daily. Management is 3R Investimentos, the reference index is MarketVector, and Banco Daycoval is the fiduciary administrator.
Exame and CoinDesk reported the starting book as 95% Strategy STRC and 5% Strive SATA. CoinDesk also carried a distribution target of Brazil’s CDI interbank rate plus 3 to 5 percentage points, net of an estimated 1.30% total cost (a 0.90% management fee inside that). Those figures are targets. The fund has not paid a first coupon. CEO Guilherme Gomes told Exame the bitcoin-per-share strategy is unchanged: DIGY11 is “the first delivery of what we had already been designing.”
For a Brazilian reader, DIGY11 is a B3-listed, real-denominated income wrapper around U.S. bitcoin-treasury preferreds. OBTC3 remains the equity claim on OranjeBTC’s own coins. They settle in the same currency and list on the same exchange. They are not the same instrument.
The tape the call opens against
U.S. spot Bitcoin ETFs last printed on Friday. Farside Investors logged −$56.2 million on August 14, almost all of it IBIT. The cash week of August 10–14 was about $385 million net negative. Monday’s line is still blank; creations and redemptions do not print until the U.S. cash session runs.
Crypto.com 1D settles put Friday at $63,048.33, Saturday at $63,088.74, and Sunday at $62,900.42. As of about 12:02 UTC on August 17, BTC/USDT last traded near $63,627 on Crypto.com Exchange. That Monday mark is intraday. Ethereum last near $1,906 in the same window. The Crypto Fear & Greed Index reads 31 (Fear), three points under Saturday and Sunday’s 34.
BTC price vs the Crypto Fear & Greed Index, August 10–17. Sunday settled $62,900 and Monday has clawed back to about $63.6k, while mood slipped to 31. Monday’s still-open candle is an intraday read as of ~12:02 UTC, not a settled close. Sources: Crypto.com Exchange 1D candles and alternative.me.
What is on the board this morning
OranjeBTC’s Q2 letter is a capital-structure print more than a price print: 375 BTC bought, 175 kept after the convertible came off, 4.53 million shares retired, 12.69% gross BTC yield for the quarter, and a post-close stack of 3,950. DIGY11 is a September B3 listing still ahead of first trade. Spot is holding the mid-$63,000s into the Monday reopen, with Fear at 31 and today’s Farside line unwritten.
This describes disclosed corporate results and market prints. It is not a recommendation to buy or sell OBTC3, DIGY11, Bitcoin, or any ETF.
