3,650 BTC, 400+ mln$ and reverse IPO

OranjeBTC is preparing to land on B3 through a reverse merger operation with Intergraus, scheduled for early October 2025; an update as of September 23, 2025, indicates that the date remains on schedule but is subject to regulatory and corporate approvals. In tow will be 3,650 BTC – equivalent to a valuation of around 400 million dollars, based on current bitcoin prices – marking an ambitious step towards a listed and fully transparent Bitcoin Treasury Brazil.

According to the data collected by our editorial team between July and September 2025, discussions with market sources and financial advisors indicate that the integration process with Intergraus is in an advanced stage. Industry analysts note that a reserve of 3,650 BTC positions OranjeBTC among the leading corporate issuers with bitcoin treasury at the regional level, considering the publicly known holdings updated as of 09/23/2025.

What happens: reverse merger with Intergraus and free float at 85%

The listing will occur through a reverse merger with Intergraus, a company already listed in São Paulo. At closing, OranjeBTC will take over the position of the listed company, with an estimated free float of 85% in line with the regulations of B3, ensuring wide negotiability of the stock.

With 3,650 BTC on the balance sheet, OranjeBTC positions itself not only as the largest Brazilian bitcoin treasury by size, but also among the leading ones globally, thanks to reserves exceeding 400 million dollars at current prices. In this context, the liquidity and visibility profile for the local market is strengthened.

Why It Matters for the Brazilian Market

The operation proposes an alternative route to traditional listing, bypassing the timelines of a classic IPO and promoting the adoption of digital assets among institutional investors and domestic family offices. That said, the expected effect is twofold: greater transparency on bitcoin balances and broader access to capital, with the creation of a national benchmark for the valuation and governance of digital assets. For Brazil, this could mean a clearer positioning as a regional hub for BTC treasuries.

Who’s Behind It: Investors and Institutional Support

The project has attracted attention beyond the crypto-native community, also involving traditional capital. Among the participants in the initial rounds are prominent names such as Adam Back, the trading platform Crypto.com, the Mexican billionaire Ricardo Salinas Pliego, and institutions like Off the Chain Capital and ParaFi Capital.

This convergence between patient capital and market operators offers a significant mix of liquidity and credibility – rare in the Latin American ecosystem – and, indeed, enhances the potential appeal for professional investors.

Educational Plan: Courses on Bitcoin and Crypto with the Intergraus Infrastructure

Alongside the reserves, OranjeBTC will launch an educational platform on bitcoin and digital assets in Brazil, leveraging the commercial and technological capabilities of Intergraus. The goal is to bridge the knowledge gap between the general public and professionals, focusing on risks, custody methods, and local regulation, as well as transparency standards like proof-of-reserves. It should be noted that an educational infrastructure can facilitate more informed adoption.

Impact and Scenarios: Can the “MicroStrategy of Brazil” Emerge?

The adoption of an aggressive strategy for expanding reserves in BTC could transform Brazil into a benchmark for corporate treasuries in bitcoin, within one of the most liquid emerging markets in the region. Looking ahead, the listing could also stimulate the issuance of financial instruments linked to BTC, both debt and equity, contributing to the consolidation of disclosure standards. However, it remains important to monitor market volatility and alignment with the risk management requirements expected for listed issuers.

Timing and Compliance

The completion of the reverse merger is expected by early October 2025, subject to customary corporate and regulatory approvals. In Brazil, transactions involving listed issuers are subject to reviews by B3 and the supervisory authority CVM. Additional steps may involve financial statement updates, price-sensitive communications, and details on custody and audit of BTC reserves, especially in the post-merger phase.

Frequently Asked Questions (mini‑FAQ)

What is a reverse IPO in this context?

It is a transaction in which a private company merges with an already listed company, obtaining the listing without resorting to a traditional IPO. In this case, OranjeBTC merges with Intergraus and acquires its status as a listed company. For a technical explanation and practical cases, see our guide: What is a reverse merger.

What is the impact for Brazilian investors?

Investors will have greater access to equity exposures linked to bitcoin, more transparency on balance sheets and risks, and a relevant case history to evaluate treasury strategies based on BTC. According to market estimates updated as of 09/23/2025, the presence of a listed company with 3,650 BTC could expand the local institutional investor base by 10–20% in the crypto-linked segment, depending on the participation of the free float.

How will the reserves in BTC be managed?

OranjeBTC has announced an approach focused on accumulation and transparency. Further details on custody, insurance, and implementations of proof-of-reserves will be communicated in upcoming company updates and after the completion of the merger.

Conclusion

With a treasury of 3,650 BTC, a reverse merger operation on B3, and the launch of a national educational platform, OranjeBTC aims to become the Brazilian benchmark for companies with bitcoin balance sheets. The final success will depend on execution, the quality of governance, and regulatory transparency in the coming months; relevant updates will be published as soon as available.

OranjeBTC is preparing to land on B3 through a reverse merger operation with Intergraus, scheduled for early October 2025; an update as of September 23, 2025, indicates that the date remains on schedule but is subject to regulatory and corporate approvals. In tow will be 3,650 BTC – equivalent to a valuation of around 400 million dollars, based on current bitcoin prices – marking an ambitious step towards a listed and fully transparent Bitcoin Treasury Brazil.

According to the data collected by our editorial team between July and September 2025, discussions with market sources and financial advisors indicate that the integration process with Intergraus is in an advanced stage. Industry analysts note that a reserve of 3,650 BTC positions OranjeBTC among the leading corporate issuers with bitcoin treasury at the regional level, considering the publicly known holdings updated as of 09/23/2025.

What happens: reverse merger with Intergraus and free float at 85%

The listing will occur through a reverse merger with Intergraus, a company already listed in São Paulo. At closing, OranjeBTC will take over the position of the listed company, with an estimated free float of 85% in line with the regulations of B3, ensuring wide negotiability of the stock.

With 3,650 BTC on the balance sheet, OranjeBTC positions itself not only as the largest Brazilian bitcoin treasury by size, but also among the leading ones globally, thanks to reserves exceeding 400 million dollars at current prices. In this context, the liquidity and visibility profile for the local market is strengthened.

Why It Matters for the Brazilian Market

The operation proposes an alternative route to traditional listing, bypassing the timelines of a classic IPO and promoting the adoption of digital assets among institutional investors and domestic family offices. That said, the expected effect is twofold: greater transparency on bitcoin balances and broader access to capital, with the creation of a national benchmark for the valuation and governance of digital assets. For Brazil, this could mean a clearer positioning as a regional hub for BTC treasuries.

Who’s Behind It: Investors and Institutional Support

The project has attracted attention beyond the crypto-native community, also involving traditional capital. Among the participants in the initial rounds are prominent names such as Adam Back, the trading platform Crypto.com, the Mexican billionaire Ricardo Salinas Pliego, and institutions like Off the Chain Capital and ParaFi Capital.

This convergence between patient capital and market operators offers a significant mix of liquidity and credibility – rare in the Latin American ecosystem – and, indeed, enhances the potential appeal for professional investors.

Educational Plan: Courses on Bitcoin and Crypto with the Intergraus Infrastructure

Alongside the reserves, OranjeBTC will launch an educational platform on bitcoin and digital assets in Brazil, leveraging the commercial and technological capabilities of Intergraus. The goal is to bridge the knowledge gap between the general public and professionals, focusing on risks, custody methods, and local regulation, as well as transparency standards like proof-of-reserves. It should be noted that an educational infrastructure can facilitate more informed adoption.

Impact and Scenarios: Can the “MicroStrategy of Brazil” Emerge?

The adoption of an aggressive BTC reserve expansion strategy could transform Brazil into a benchmark for corporate treasuries in bitcoin, within one of the most liquid emerging markets in the region. Looking ahead, the listing could also stimulate the issuance of BTC-linked financial instruments, both debt and equity, contributing to the consolidation of disclosure standards. However, it remains essential to monitor market volatility and alignment with the risk management requirements expected for listed issuers.

Timing and Compliance

The completion of the reverse merger is expected by early October 2025, subject to customary corporate and regulatory approvals. In Brazil, transactions involving listed issuers are subject to reviews by B3 and the supervisory authority CVM. Additional steps may involve financial statement updates, price-sensitive communications, and details on custody and audit of BTC reserves, especially in the post-merger phase.

Frequently Asked Questions (mini‑FAQ)

What is a reverse IPO in this context?

It is a transaction in which a private company merges with an already listed company, obtaining the listing without resorting to a traditional IPO. In this case, OranjeBTC merges with Intergraus and acquires its status as a listed company. For a technical explanation and practical cases, see our guide: What is a reverse merger.

What is the impact for Brazilian investors?

Investors will have greater access to equity exposures linked to bitcoin, more transparency on balance sheets and risks, and a relevant case history to evaluate treasury strategies based on BTC. According to market estimates updated as of 09/23/2025, the presence of a listed company with 3,650 BTC could expand the local institutional investor base by 10–20% in the crypto-linked segment, depending on the participation of the free float.

How will the reserves in BTC be managed?

OranjeBTC has announced an approach focused on accumulation and transparency. Further details on custody, insurance, and implementations of proof-of-reserves will be communicated in upcoming company updates and after the completion of the merger.

Conclusion

With a treasury of 3,650 BTC, a reverse merger operation on B3, and the launch of a national educational platform, OranjeBTC aims to become the Brazilian benchmark for companies with bitcoin balance sheets. The final success will depend on execution, the quality of governance, and regulatory transparency in the coming months; relevant updates will be published as soon as they become available.