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SEC Halts Trading of Bitcoin, Ethereum Treasury Firm QMMM After 2,000% Stock Surge

by admin September 29, 2025

In brief

Digital advertising firm QMMM Holdings announced that it was buying Bitcoin, Ethereum, and Solana earlier this month.
The company’s stock has skyrocketed by more than 2,100% over the last month amid the crypto pivot.
The SEC has now halted trading of the stock, and alleges that there may be manipulation at play.

The Securities and Exchange Commission has halted trading of a company after its stock boomed by over 2,000% following a recently announced crypto treasury pivot.

Digital advertising firm QMMM Holdings earlier this month announced a plan to buy Bitcoin, Ethereum, and Solana—causing an explosion in the price of its stock. In September alone, its price has risen by more than 2,100%, according to Yahoo Finance data, finishing Friday at a price of $119.40.

But Wall Street’s biggest regulator said Monday that it was suspending trading of the security until October 10 as it investigates “potential manipulation” of the stock.

“The Commission temporarily suspended trading in the securities of QMMM because of potential manipulation in the securities of QMMM effectuated through recommendations, made to investors by unknown persons via social media to purchase the securities of QMMM, which appear to be designed to artificially inflate the price and volume of the securities of QMMM,” the statement from the SEC read.

Decrypt reached out to the SEC and QMMM Holdings for comment, but did not immediately receive a response from either party.

Hong Kong-based QMMM Holdings said at the start of the month that its treasury will initially start with $100 million worth of cryptocurrency.

The SEC’s announcement comes as regulators pay closer attention to digital asset treasuries—companies that buy cryptocurrency with spare cash. Last week, the Wall Street Journal reported that the SEC and the Financial Industry Regulatory Authority, or FINRA, had contacted companies after identifying unusual trading activity.

A number of companies have bought cryptocurrencies like Bitcoin, Ethereum, and Solana to get better returns for shareholders. Such firms have often seen their share prices soar—albeit sometimes briefly—after announcing crypto treasury pivots.

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September 29, 2025 0 comments

Crypto Trends

Indian Stock Exchange Rejects Crypto Treasury Company Listing

by admin September 28, 2025

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The Bombay Stock Exchange (BSE) in India has reportedly rejected the public listing of Jetking Infotrain, an IT training company, on the grounds of intended capital use for crypto investment. This decision comes amid a flurry of digital asset treasury companies worldwide.

Crypto Investments Not Suitable For Publicly Raised Capital: BSE

In a report by local Indian media, Economic Times, the BSE barred Jetking Infotrain from publicly listing its shares, citing the exchange’s investment policy around cryptocurrency. On May 9, 2025, Jetking received an in-principle approval from the BSE to raise funds via a share issue. 14 days later, the company’s board approved the issuance of 396,000+ shares, raising over ₹6 crore, i.e $720,000.

In its application with the BSE, Jetking stated the new capital would be targeted towards general corporate uses, education and skill development, and investments in virtual digital assets (VDAs). However, a significant ₹3.96 crore ($475,000), i.e, 60% of the raised funds, was targeted at crypto investments.

It is worth noting that Jeking currently has some digital assets on its balance sheets, as Indian companies are allowed to invest in cryptocurrencies similar to mutual funds, securities, etc. However, the BSE has strongly opted against raising public capital for this purpose, as indicated by its rejection of Jetking’s listing.

A statement from a BSE spokesperson read:

We had processed the application in the normal course as per extant norms. Final approval was kept on hold to take up the issue of fund raise for investment in VDA at the policy level with the Regulator. Subsequently, as per the revised norms, a decision was taken to reject the application.

The BSE is considered the oldest Asian exchange and the second largest in India by trading volume after the National Stock Exchange of India. Notably, the recent BSE’s decision in rejecting Jetking’s public listing is likely to threaten the rise of crypto treasury companies in India.

By virtue of their operations, crypto treasury firms such as Strategy in the US, Next Technology Holding in China, leverage their status as publicly listed companies to access capital markets, raising funds through equity or debt offerings that are subsequently deployed into digital assets.

Jetking To Appeal BSE Rejection?

Following this development, Jetking Co-Managing Director and Chief Financial Officer Siddharth Bharwani has stated the company is considering all appropriate responses to the BSE’s decision, including a potential appeal at the Securities Appellate Tribunal.

Notably, cryptocurrencies are not illegal investments in India but are considered intangible assets in that they are not securities or legal tender.

Total crypto market cap valued at $3.72 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Flickr, chart from Tradingview

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September 28, 2025 0 comments

NFT Gaming

How Digital Asset Treasury Firms Could Reshape Blockchain Economies, Hedge Fund Explains

by admin September 27, 2025

Crypto treasury firms that stockpile tokens could evolve from speculative wrappers into long-run economic engines for blockchains, argues Syncracy Capital co-founder Ryan Watkins.

Digital asset treasury (DAT) firms are publicly traded companies that raise capital to acquire and manage crypto on their balance sheets.

In a Sept. 23 blog post and an accompanying thread on X, Watkins said DATs already hold roughly $105 billion in assets across bitcoin, ether and other majors, a scale that few market participants have fully considered.

His core claim: a small number of these firms may mature into durable operators that help finance, govern and build within the networks whose tokens they hold.

Beyond speculation

Watkins said most attention has fixated on near-term trading dynamics — premiums to net asset value, fundraising announcements and “what’s the next token”—which misses the larger arc.

“We imagine select DATs becoming for-profit, publicly traded counterparts to crypto foundations, but with broader mandates to deploy capital, operate businesses, and participate in governance,” he wrote.

Because some DATs already control meaningful slices of token supply, their treasuries can be more than vaults; they can be policy and product levers inside ecosystems.

He pointed to crypto-native examples where scale matters: on Solana, RPC providers and proprietary market makers that stake more SOL can improve transaction landing and spread capture; on Hyperliquid, front ends that stake more HYPE can lower user fees or increase take rates without raising costs.

Access to large, permanent pools of native assets can help such businesses bootstrap and scale, he said.

Programmable money, productive balance sheets

Watkins contrasted these plays with MicroStrategy’s bitcoin-only strategy, which is largely about capital structure around a non-programmable asset.

He went on to say that by comparison, tokens on smart contract platforms — ETH, SOL, HYPE — are programmable and can be put to work on-chain.

DATs holding them can stake for fees, supply liquidity, lend, participate in governance and acquire “ecosystem primitives” such as validators, RPC nodes or indexers, turning treasuries into yield-generating balance sheets.

Structurally, he likened winning DATs to a hybrid of familiar models: the permanent capital of closed-end funds and REITs, the balance-sheet orientation of banks, and the compounding ethos of Berkshire Hathaway.

What makes them distinct, he said, is that returns accrue in crypto per share rather than via management fees, making the vehicles closer to pure plays on underlying networks than to traditional asset managers.

He argued that tools like common equity, convertibles and preferreds give DATs flexible funding to expand balance sheets, while on-chain yields can help manage that funding over time.

Winners—and risks

Watkins cautioned that “not all DATs will make it.”

He expects many first-generation vehicles—those heavy on financial engineering and light on operating substance — to fade as conditions normalize. As competition intensifies, he anticipates consolidation, experiments with more exotic financing and, at times, reckless balance-sheet moves if premiums flip to discounts and pressure builds.

In his view, the survivors will be those that pair disciplined capital allocation with operating chops, recycling cash flows into token accumulation, product building and ecosystem expansion. “Over time, the best managed ones could evolve into the Berkshire Hathaways of their blockchains,” he wrote.

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September 27, 2025 0 comments

Crypto Trends

NYDIG Calls for Bitcoin Treasury Companies to Drop ‘Misleading’ mNAV Metric

by admin September 27, 2025

Strive Asset Management (ASST) has acquired Semler Scientific (SMLR) in an all-stock deal. While historic, the move also drew attention to what may be a problem for investors valuing bitcoin treasury firms.

The acquisition was the first-ever merger between two Digital Asset Treasuries (DATs) holding bitcoin, giving the combined company control of more than 10,900 BTC and increases net asset value (NAV) per share, which DAT investors view as a measure of “yield.”

In a note this week commenting on the acquisition, Greg Cipolaro, Global Head of Research at NYDIG, argued that the commonly used “mNAV” metric, defined as market cap divided by crypto held, should be removed from industry reporting altogether.

“At best, it’s misleading; at worst, it’s disingenuous,” the firm claimed in the note.

NYDIG pointed out that it fails to account for operating businesses or other assets that a DAT may own. Most major bitcoin treasury firms do, indeed, operate businesses that add value.

Second, NYDIG wrote, mNAV often uses “assumed shares outstanding,” which could include convertible debt that hasn’t met conversion conditions.

“Convert holders would demand cash, not shares, in exchange for their debt. This is a much more onerous liability for a DAT than simply issuing shares,” the firm added. “Because convertible debt is essentially volatility harvesting (converts are debt + call options), the DAT is incentivized to maximize its equity volatility.”

Currently, publicly traded bitcoin treasury firms hold over 1 million BTC, and many are now trading below their mNAV, which could suggest more acquisitions are coming in the near future.

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September 27, 2025 0 comments

GameFi Guides

BTC Ends Weak Quarter Amid Seasonal Pressures as mNAV Contracts in Treasury Companies

by admin September 27, 2025

BTC$109,500.27 just ended what is historically the largest cryptocurrency’s third-worst week of the year with a greater-than-average drop of 5%. Week 38 effectively closes out the third quarter, which is up about 1%, as well as September, which has managed to hold flat.

While the figures are consistent with the period’s historical reputation as one of the weakest seasons of the year, a few catalysts might have contributed to the underperformance.

On Friday, more than $17 billion in options expired, with the max pain price — the strike price at which option holders lose the most money and options writers profit the most — sitting at $110,000, which acted as a gravitational center for the spot price.

A key technical factor remains the short-term holder cost basis at $110,775, which reflects the average on-chain acquisition price for coins that moved in the past six months.

Bitcoin tested this level in August, and in bull markets, it typically moves toward this line multiple times. This year, it broke significantly below that level only once: during the tariff tantrum in April, when it dropped to as low as $74,500.

Cost Basis (Glassnode)

Zooming out, it is important to assess whether bitcoin remains in an uptrend characterized by higher highs and higher lows to get an idea of whether the rally is sustainable.

Analyst Caleb Franzen highlights that bitcoin has slipped below its 100-day exponential moving average (EMA), with the 200-day EMA sitting at $106,186. The previous significant low was around $107,252 on Sept. 1, and for the broader trend to remain intact, bitcoin will need to hold above that level.,

Macro Backdrop

The U.S. economy grew at an annualized pace of 3.8% in the second quarter, well above the 3.3% estimate and the strongest performance since the second quarter of 2023. Initial jobless claims dropped by 14,000 to 218,000, coming in below expectations and marking the lowest level since mid-July. While spending data came in line with the market’s expectation. The US core PCE price index, the Federal Reserve’s preferred measure of underlying inflation that excludes food and energy, rose 0.2% in August 2025 from the prior month.

The yield on 10-year U.S. Treasuries bounced off the 4% support, and is now trading near 4.2%. The dollar index (DXY) continues to hover around long-term support at 98. Meanwhile, metals are leading the action, with silver at around $45 approaching an all-time high at levels last seen in 1980 and 2011. U.S. equities, in the meantime, are just shy of their records.

Bitcoin remains the outlier at more than 10% below its peak.

DXY (TradingView)

Bitcoin-Exposed Equities

Bitcoin treasury companies continue to face severe multiple-to-net-asset-value (mNAV) compression. Strategy (MSTR) is barely positive year-to-date. At one point, it dipped below $300, a negative return for 2025.

The ratio between Strategy and BlackRock iShares Bitcoin Trust ETF (IBIT) stands at 4.8, the lowest since October 2024, which shows just how much the largest bitcoin treasury company has underperformed bitcoin over the past 12 months.

MSTR/IBIT Ratio (TradingView)

Strategy’s enterprise mNAV is currently 1.44 (as of Friday). Enterprise value here accounts for all basic shares outstanding, total notional debt and total notional value of perpetual preferred stock minus the company’s cash balance.

The silver lining for MSTR is that three of the four perpetual preferred stocks, STRK, STRC and STRF, are all sporting positive lifetime returns as Executive Chairman Michael Saylor looks to buy more BTC through these vehicles.

A growing issue for MSTR is the lack of volatility in bitcoin. The cryptocurrency’s Implied volatility — a measure of the market’s expectation of future price fluctuations — has dropped below 40, the lowest in years.

This matters because Saylor has often framed MSTR as a volatility play on bitcoin. For comparison, MSTR’s implied volatility is at 68. Its annualized standard deviation of daily log returns over the past year was 89%, while over the last 30 days it has fallen to 49%.

For equities, higher volatility often attracts speculators, generates trading opportunities and draws investor attention, so the decline is likely acting as a headwind.

Meantime, the fifth-largest bitcoin treasury company, Metaplanet (3350), holds 25,555 BTC and still has roughly $500 million left to deploy from its international offering. Despite this, its share price continues to struggle at 517 yen ($3.45), more than 70% below its all-time high.

Metaplanet’s mNAV has dropped to 1.12, down sharply from 8.44 in June. Its market capitalization now stands at $3.94 billion compared to a bitcoin NAV of $2.9 billion, with an average BTC acquisition cost of $106,065.

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September 27, 2025 0 comments

GameFi Guides

What Will the Slowing Growth of Bitcoin, Ethereum Treasury Buys Mean for Markets?

by admin September 27, 2025

In brief

Purchases at Bitcoin and other treasury companies have slowed dramatically over the past two months.
The declines played a big role in declining markets that were already jittery about macroeconomic uncertainties.
Three market observers say that the waning treasury activity could continue to weigh on markets.

The rise in Bitcoin, Ethereum, and other corporate crypto treasuries helped fuel the summer’s massive market gains. Now their slowing growth has played a large role in sapping prices already sensitive to inflation and other macroeconomic uncertainties.

The treasuries’ waning activity could continue to weigh on markets with volatility likely to remain heightened in the near-term, three market observers told Decrypt.

“When treasuries stop buying, it removes an important demand floor and undermines confidence in the balance-sheet-as-strategy narrative,” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote in a text to Decrypt. “At the same time, forced liquidations in derivatives and broader risk-off sentiment have accelerated the decline, creating a feedback loop that pressures both crypto assets and the equities tied to them.”

Bitcoin was recently trading at about $109,400, off more than 5% over the past week, according to crypto markets data provider CoinGecko. At one point Friday, the largest cryptocurrency by market value dropped below $109,000 for the first time since September 1. Ethereum and other major altcoins have also fallen deeply into negative territory.

Those latest declines have come as Bitcoin treasury buys have plummeted to just 12,600 BTC in August, and 15,500 so far this month—a combined total that is less than half the amount that firms acquired in July, according to data analytics provider CryptoQuant.

“We’ve seen treasury accumulations cool off compared to the summer, when companies were buying at a record pace,” Michael McCluskey, CEO of Sologenic—which offers a decentralized exchange and related services—told Decrypt. “That slowdown has coincided with softer prices in Bitcoin and other major cryptocurrencies, which makes sense given how much corporate demand was propping up the market.”

McCluskey added: “In the short term, the absence of steady buying leaves the market more exposed to volatility.”

A number of treasury firms’ share prices have plunged along the way, with Solana treasury Helius Medical Technologies falling 38% over the past week and Ethereum-focused BitMine Immersion sinking more than 13% over the same period.

Bitcoin-minded Strategy—the originator of the pivot-to-crypto accumulation move—and Metaplanet each fell about 9%, the latter coming despite the Japan-based firm’s latest purchase of more than 5,400 BTC on Monday and a favorable analyst rating a day later. Helius and several other companies that raised money through private placement in public equity (PIPE) deals are changing hands well off their issue prices.

Going forward, some treasuries may encounter additional challenges, with The Wall Street Journal reporting on Thursday that financial regulators are now exploring unusually high trading volumes and dramatic share price increases among among them.

Still, in a text to Decrypt, Gerry O’Shea—head of global market insights at crypto asset manager Hashdex—wrote that Bitcoin could hit $140,000 or higher by year’s end, with corporate treasuries helping to spark a rally.

“Corporate treasury adoption will remain a big part of this demand, even as many of these publicly traded companies face near-term headwinds from volatility and scrutiny from investors regarding their specific strategies,” he wrote.

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September 27, 2025 0 comments

NFT Gaming

SEC, FINRA Probe Crypto Treasury Firms For Unusual Trading

by admin September 27, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are reportedly investigating suspicious trading patterns in the shares of certain companies that have announced crypto treasury strategies.

SEC, FINRA Scrutinize Suspicious Trading Moves

On Thursday, The Wall Street Journal (WSJ) reported that financial regulators have reached out to some of the over 200 companies with Digital Asset Treasury (DAT) strategies after observing unusual trading activity in the days leading up to the announcement of their crypto treasury strategy.

People familiar with the matter told the news media outlet that the SEC and the FINRA have examined unusual trading moves in the shares of multiple unnamed companies that announced that they would adopt a DAT strategy this year.

Reportedly, the regulators have raised concerns in letters and conversations about “unusually high trading volumes and sharp stock-price gains” that preceded the announcement that these companies would make cryptocurrencies their core corporate strategy.

SEC officials have warned these companies about potential violations of Regulation Fair Disclosure, the WSJ sources alleged. As the news media outlet noted, the rule prohibits public companies from “selectively disclosing material, nonpublic information to investors, analysts, and other market participants who might trade on the information.”

According to some lawyers, these types of FINRA letters usually mark the start of serious investigations into insider trading. However, it remains unclear whether the financial regulators are pursuing enforcement actions against any of these companies or investors.

Former SEC enforcement lawyer and now SEC defense attorney David Chase told WSJ that “when those go out, it really stirs the pot. It’s typically the first step in an investigation. Whether it goes full, full length, it’s anybody’s guess.”

The sources noted that, in some cases, the secrecy of the DAT announcements can be compromised, leading to the unusual stock activity ahead of the official statements. Meanwhile, lawyers who have worked on crypto-treasury deals affirmed that information leaks can also harm pricing transactions.

“If the stock price is highly volatile in the days leading up to pricing a transaction, that could actually make it very difficult to agree on a price for the transaction and put it at risk of execution,” Justin Platt, a partner at law firm Goodwin, told WSJ.

Crypto DAT’s Momentum Continues

Over the past few months, the crypto treasury strategy trend, pioneered by Michael Saylor’s Strategy, has gained momentum, with 212 new companies announcing plans to raise hundreds of billions of dollars to launch DAT strategies, the WSJ noted, citing data from crypto advisory firm Architect Partners.

Throughout September, multiple companies have unveiled crypto treasury strategies focused on Cardano (ADA), Avalanche (AVAX), and Solana (SOL). As reported by Bitcoinist, Solana-focused DATs have seen hundreds of millions of dollars invested in the strategies this month.

Recently, Helius Medical Technology revealed the launch of a $500 million SOL treasury strategy backed by Pantera Capital and Summer Capital. Similarly, Nasdaq-listed Fitell Corporation, a global provider of fitness equipment and health solutions, has unveiled the launch of the first Solana-based digital asset treasury in Australia.

Meanwhile, the top crypto treasuries have continued to accumulate Bitcoin (BTC) and Ethereum (ETH), the leading digital assets. BitMine, the largest ETH-focused treasury, recently surpassed the 2 million ETH milestone, while Strategy, the leading Bitcoin and crypto treasury, purchased another 850 BTC earlier this week.

Bitcoin trades at $109,229 in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from NBC News, Chart from TradingView.com

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September 27, 2025 0 comments

GameFi Guides

Jiuzi Holdings’ $1b treasury plan centers on BTC, ETH, BNB

by admin September 24, 2025

Jiuzi Holdings is planning to deploy a billion-dollar corporate treasury mandate into a trio of digital assets, a move guided by new COO Dr. Doug Buerger that positions crypto as a core strategic reserve.

Summary

Jiuzi Holdings approved a $1 billion crypto treasury plan focused on Bitcoin, Ethereum, and BNB.
The move follows the appointment of crypto veteran Dr. Doug Buerger as COO.
A new risk committee led by CFO Huijie Gao will oversee policy execution.

In an announcement on Sept. 24, the Nasdaq-listed EV charging company revealed its board has formally adopted a Crypto Asset Investment Policy. This framework authorizes an allocation of up to $1 billion from its cash reserves into Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

The decision, which establishes a dedicated risk committee overseen by CFO Huijie Gao, comes directly on the heels of the appointment of Dr. Doug Buerger, a recognized figure in the digital asset space, as Jiuzi’s new Chief Operating Officer.

“I am thrilled to lead this important treasury initiative supported by such a forward-thinking Board and management team. We are not engaging in short-term trading or speculation; rather, we view crypto assets as long-term stores of value to hedge against macroeconomic uncertainties,” Buerger said.

A pivot into digital reserves

For Jiuzi’s leadership, the shift is framed as a safeguard rather than speculation. CEO Tao Li described the new policy as a proactive approach to treasury management designed to preserve and enhance long-term shareholder value. In his view, crypto assets provide a hedge against macroeconomic headwinds that traditional reserves struggle to absorb.

Crucially, the company has stated it will not self-custody its assets, opting instead for “highest-tier custody standards” through third-party specialists.

Jiuzi Holdings is not a technology startup but an electric vehicle infrastructure player headquartered in Hangzhou, with a footprint in China’s smaller cities through its smart charging network. Its business model has centered on advancing carbon neutrality by building fast-charging stations and energy storage solutions.

By incorporating crypto into its reserves, the company joins a small but expanding set of public firms that see digital assets as a formal part of balance sheet strategy, aligning it with a trend that stretches well beyond the tech sector.

That cohort just grew by another member. On the same day Jiuzi made its announcement, Arizona-based Iveda revealed that its board had also authorized cryptocurrency as part of its corporate treasury.

Like Jiuzi, Iveda framed the move as forward-looking capital allocation rather than a speculative bet. The dual announcements underscore how companies from different industries and geographies are converging on the same conclusion: digital assets are now part of the corporate treasury toolkit.

The risks

The ambition of these companies comes with exposure. As fintech analyst Jeff Gapusan noted in a recent Forbes piece, the rise of digital asset treasury companies is a double-edged development. He pointed out that while regulatory clarity and institutional adoption are driving interest, the model carries risks tied to market cycles and capital costs.

The reflexive loop that rewards firms in bull markets can unwind quickly when sentiment shifts, leaving balance sheets vulnerable. Beyond price volatility, companies must also grapple with ongoing expenses tied to custody, compliance, and risk management.

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September 24, 2025 0 comments

GameFi Guides

FG Nexus Hits 50,000 ETH Treasury Milestone, Shares Rise

by admin September 24, 2025

FG Nexus has accumulated 50,000 Ethereum (ETH) for its corporate treasury, now valued at $210.1 million, following a strategic pivot announced in August. The firm disclosed the holdings on Tuesday, triggering a 4.5% surge in pre-market trading of its stock (FGNX). The average purchase price across all transactions stands at approximately $3,860, according to the company.

While this acquisition has placed FG Nexus in a strong position in the corporate Ethereum treasury race, it still trails Bitmine Immersion Technologies (BMNR), which holds over 2.4 million ETH—roughly 2% of the circulating supply. FG Nexus, meanwhile, is targeting a more aggressive 10% stake. Over the past week alone, it added 285 ETH to its reserves, citing Ethereum’s $4,200 market price at the time of purchase.

FGNX lags performance but intensifies ETH race

Despite Tuesday’s gains, FGNX shares remain down 68% year-to-date and 71% over the past 12 months. However, retail sentiment appears to be shifting.

BMNR, led by Tom Lee, also saw pre-market gains of 2% and continues to draw interest with its Ethereum accumulation strategy. While Bitmine currently leads the supply race, FG Nexus’ latest move signals that the contest for ETH dominance among publicly traded firms may be far from over.

Also read: FG Nexus Becomes Major ETH Holder with 47,331 ETH

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September 24, 2025 0 comments

Scattered pile of $1 bills (Gerd Altmann/Pixabay)

Crypto Trends

OranjeBTC to Become Brazil’s Largest Publicly-Traded Bitcoin Treasury Firm With B3 Listing

by admin September 23, 2025

Bitcoin-focused Latin American company OranjeBTC is set to go public on Brazil’s B3 exchange in early October with more than $400 million in BTC reserves, making it Brazil’s largest publicly-traded bitcoin treasury firm.

The move, confirmed by local news outlet Brazil Journal and at Mercado Bitcoin’s DAC 2025 conference, will see it go public via a reverse merger with Intergraus, a prep-course provider already listed on the exchange. Once the transaction closes, Oranje will assume Intergraus’ public listing with a roughly 85% free float.

Oranje holds 3,650 bitcoin, roughly six times more than Brazilian fintech Méliuz, the only other major publicly-traded bitcoin treasury firm in the country. The sum would rank Oranje among the top 25 corporate bitcoin holders globally, and the company aims to expand that reserve aggressively, according to local media.

Backing the venture are high-profile crypto investors including Cameron and Tyler Winklevoss, bitcoin pioneer Adam Back, trading platform FalconX, and Mexican billionaire Ricardo Salinas Pliego. Institutional players like Off the Chain Capital and ParaFi Capital also participated in the initial round, the report added.

Alongside its treasury play, Oranje plans to launch a financial education platform focused on bitcoin and crypto, using Intergraus’ existing infrastructure.

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September 23, 2025 0 comments