A new contender is entering the institutional bitcoin arena in Latin America. Oranje, a company advised by Itau BBA — the investment banking arm of Brazil’s largest banking group, Itau — aims to replicate the strategy of Strategy (formerly MicroStrategy) by accumulating bitcoin as its primary treasury reserve asset.
Founding Team and Advisors
Oranje was founded by prominent figures in the crypto industry: Guilherme Gomes, former head of Swan Bitcoin, serves as founder and CEO, while Guilherme Ferreira, president of Bahema, acts as co-founder and CFO. The initiative also involves bitcoin pioneer Fernando Ulrich and Josh Levine, who previously worked at Bridgewater Associates. Itau BBA’s advisory role underscores the growing interest from traditional Brazilian banking in bitcoin-based treasury strategies.
Funding Structure and Bitcoin Target
Oranje intends to raise capital through debt issuance, mirroring the playbook of Michael Saylor’s Strategy. The company’s initial goal is to acquire $210 million worth of bitcoin (approximately 2,100 BTC at current prices). In its first year of operation, Oranje projects delivering a 45% bitcoin yield — a metric measuring the percentage increase in bitcoin per share relative to capital deployed. This yield is expected to attract investors seeking leveraged exposure to bitcoin without directly holding the asset.
Market Rationale
According to company documents, institutional bitcoin adoption stands at merely 3% globally, leaving ample room for growth. Oranje sees a unique window as regulatory clarity improves in major economies and more corporations follow Strategy’s blueprint. “The Bitcoin Standard is redefining corporate treasury strategy,” the documents note, emphasizing the shift toward decentralized digital assets as reserve holdings.
Advantages Over Existing ETF Options
Brazil already has several crypto ETFs, including a recently launched XRP ETF. However, Oranje claims its corporate structure offers tax benefits and lower management costs compared to ETF wrappers. By issuing equity or debt tied to its bitcoin holdings, the company can provide investors with pure BTC exposure while potentially reducing the tax drag associated with fund structures. Oranje also plans to generate revenue from its bitcoin holdings through lending or other yield-generating activities, further enhancing shareholder value.
Future Outlook
If successful, Oranje will become the largest publicly-traded bitcoin holder in Latin America, setting a precedent for other regional companies. The firm aims to expand its brand awareness and ultimately build a diversified portfolio of digital assets. With strong backing from traditional finance and crypto veterans, Oranje represents a significant step toward mainstream corporate bitcoin adoption in the region.
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