# OranjeBTC Q2: 375 BTC bought, 12.69% yield > OranjeBTC bought 375 BTC in Q2 at about $65,500, ended June at 3,898 coins, and posted 12.69% gross BTC yield. After the close the stack is 3,950. - **Source:** https://ptycoin.com/en/posts/2026-08-17-oranjebtc-q2-3898-btc-yield/ - **Published:** 2026-08-17 - **Category:** Markets - **Author:** Lucía - **Tags:** bitcoin, brazil, treasury, corporate, etf, institutional - **Also published in:** [Español](https://ptycoin.com/es/posts/2026-08-17-oranjebtc-q2-3898-btc-yield/) --- 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](https://api.mziq.com/mzfilemanager/v2/d/1c906e2c-8d06-4a32-a1a8-a240167c77f2/81d0bbca-fef2-cb5e-0942-3fea4f793c78?origin=2) (B3: [OBTC3](https://finance.yahoo.com/quote/OBTC3.SA/); 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](https://x.com/ORANJEBTC/status/2088343507631034578) 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](/en/posts/2026-08-10-oranjebtc-3948-btc-capital-cycle/): 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](https://bitcointreasuries.net/public-companies/oranjebtc) 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](https://www.moneytimes.com.br/oranjebtc-obtc3-reduz-prejuizo-gerencial-e-melhora-metricas-de-bitcoin-treasury-no-2t26-rens/) 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](https://exame.com/future-of-money/oranjebtc-cria-etf-de-acoes-de-compradoras-de-bitcoin-focado-em-dividendos/) and [CoinDesk](https://www.coindesk.com/business/2026/08/13/brazil-s-largest-bitcoin-treasury-firm-plans-etf-with-95-allocation-to-strategy-s-strc) 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](https://farside.co.uk/btc/) 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](https://crypto.com/exchange). That Monday mark is **intraday**. Ethereum last near **$1,906** in the same window. The [Crypto Fear & Greed Index](https://alternative.me/crypto/fear-and-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](https://crypto.com/exchange) 1D candles and [alternative.me](https://alternative.me/crypto/fear-and-greed-index/).* ## 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. --- ## Keep reading - [Self-custody without a single point of failure](https://ptycoin.com/en/posts/2026-08-10-self-custody-without-single-point-of-failure/index.md): A hardware wallet can generate a key badly. Build a self-custody setup that survives a vendor bug: verified backups, your own entropy, passphrases, and multi-vendor multisig. - [How to read a block explorer and verify a transaction](https://ptycoin.com/en/posts/2026-07-07-read-block-explorer-verify-transactions/index.md): A block explorer is the public receipt for every on-chain move. Learn how to look up a transaction ID, read confirmations, and confirm funds arrived at the right address. - [Self-Custody Wallet Statements for Brazil's DeCripto Reporting](https://ptycoin.com/en/posts/2026-06-16-brazil-decrypto-self-custody-wallet-statements/index.md): Brazil's DeCripto rules take effect July 2026: self-custody users above the R$35,000 monthly non-intermediated threshold must file via e-CAC. Covers which records to keep and how to export them. --- Source: PTYcoin — https://ptycoin.com/en/posts/2026-08-17-oranjebtc-q2-3898-btc-yield/. Free to read and cite with attribution to ptycoin.com. AI-usage terms: https://ptycoin.com/en/ai-usage/