Michael Saylor Loves This Latin American Metaplanet — But Is It a Buy?

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Mexico's 3rd Richest Man Is Backing 1 New Bitcoin Company

He says 80% of his portfolio is in Bitcoin, but a little more is now invested in equities.

This year, Billionaire Ricardo Salinas just invested in Oranje – Brazil’s new leader in corporate Bitcoin strategy, now officially listed on B3, the São Paulo Stock Exchange, and offering Latin America regulated exposure to the fastest-growing financial asset in history: Bitcoin.

Holding 3,650 BTC, Oranje is now the region’s largest corporate Bitcoin holder – nearly six times bigger than the next competitor. Why it matters:

• First-mover advantage: Oranje is the largest pure-play corporate Bitcoin treasury in a market where institutional investors have long lacked exchange-traded alternatives.

• Liquidity on B3: Trading on Latin America’s largest and most liquid stock exchange instantly opens exposure to millions of investors, making equity trading in a Bitcoin-focused company efficient and highly visible.

• Emerging market focus: By effectively exploiting regional tax and regulatory arbitrage opportunities, Oranje is positioning itself as an heir to Metaplanet’s pioneering strategy, which in the last year has helped it amass over 30,000 BTC.

• Proven leadership: Guided by industry veterans like Eric Weiss (early Strategy investor), Gui Gomes (CEO, ex-Bridgewater, Swan), and Sam Callahan (acclaimed Bitcoin analyst), Oranje is built for execution and credibility.

• Exceptional investors: OranjeBTC’s cap table includes some of crypto’s most influential backers, among them Mexican billionaire Ricardo Salinas, Gemini founders Cameron and Tyler Winklevoss, and pioneering Bitcoin entrepreneur Adam Back.

Shares are now live on B3, backed by a team and investors committed to Latin America’s role in the future of Bitcoin.

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Latin America’s Bitcoin Access Premium

For years, Latin American investors who want Bitcoin exposure have had historically limited options. Those wanting liquid Bitcoin exposure without navigating banking restrictions, foreign exchange controls, and regulatory uncertainty that make direct ownership prohibitively complex have struggled.

Today, there are options. One is Mercado Libre, Argentina’s e-commerce giant with a $112 billion market capitalization. It holds 570 Bitcoin worth about $69 million on its balance sheet, but investors buy MELI stock for the marketplace and fintech business serving 70 million users across the region, not the treasury.

The company, meanwhile, trades at a 1,615x mNAV — but that multiple mostly reflects its all-encompassing e-commerce platform, not the Bitcoin holdings that represent less than 0.1% of enterprise value.

To its north, there’s Brazil’s Méliuz. The company ranks #60 globally with 604 Bitcoin worth around $73 million. The firm trades at 1.29x mNAV, but its core business is cash back rewards serving 30 million registered users. Neither of these offers pure, transparent Bitcoin treasury exposure in two of the largest economies in the region.

Oranje changes the equation entirely. Rather than embedding Bitcoin as a side treasury strategy inside an operating business, Oranje is Brazil’s first pure-play public Bitcoin treasury. At 3,650 BTC, Oranje holds four times more Bitcoin than Méliuz and Mercado Libre combined.

The difference matters.

The Structural Access Problem

Latin America’s crypto infrastructure lags behind that of developed markets.

Despite recording nearly $1.5 trillion in crypto transaction volume between July 2022 and June 2025, the region’s banking systems remain, for the most part, fragmented. Many of the major institutions continue to block crypto-related transactions or have attempted to impose punitive — and sometimes prohibitive — fees.

Explore our live data dashboards to make the best decision for your Bitcoin treasury stocks in Latin America → BitcoinTreasuries.net 

Yet Brazil stands apart. The country has already demonstrated massive appetite for digital financial innovation through Pix, the Central Bank’s instant payment system that reached 175 million users — 93% of the adult population — in just four years.

Brazilians now complete over 6 billion Pix transactions monthly, with 76% of the population using it regularly. The system effectively replaced cash: only 6% of Brazilians use physical currency today versus 43% in 2019.

This digital payments infrastructure proves Brazilian consumers and institutions are already comfortable with instant, digital-first financial systems. The problem isn’t technological adoption — it’s that this sophistication hasn’t translated to seamless Bitcoin access.

Moreover, Brazil, with its $2.3 trillion economy (10th largest globally), generates $318 billion in annual crypto flows — 33% of Latin America’s total.

o21 Solutions 

o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations — balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements.

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While the region is neither neutral nor hostile, Latin American crypto regulations also remain inconsistent across jurisdictions. Tax treatment varies wildly — some countries impose capital gains taxes on every transaction, others lack clear guidance entirely. For institutions and retail investors, this uncertainty is disqualifying.

The result: massive latent demand for Bitcoin exposure with no efficient way to access it. When regional companies announce Bitcoin allocations, interest spikes. But valuations remain tied to core operations rather than treasury holdings. Investors can’t isolate or trade the Bitcoin component, so instead the treasury value stays embedded, opaque, and secondary to operational performance.

Why Oranje Captures This Premium

Oranje’s 3,650 BTC — valued at over $400 million — makes it the largest corporate Bitcoin holder in Latin America by a factor of six versus its nearest competitor. 

But scale isn’t the only advantage.

Pure-play structure: Unlike Mercado Libre’s e-commerce complexity or Méliuz’s cashback operations, Oranje’s valuation derives directly from Bitcoin holdings and treasury strategy. Investors get transparent NAV exposure without operational business risk that obscures the firm’s Bitcoin thesis. The entire investment case is the treasury — not a tertiary balance sheet buried in quarterly footnotes. 

B3 liquidity: Trading on Latin America’s largest stock exchange provides institutional-grade liquidity and regulatory compliance. B3’s infrastructure, with $789 billion in total market capitalization across 475 listed companies, ensures tight spreads and efficient execution. For investors, this eliminates the custody risk, transfer complexity, and regulatory ambiguity of direct Bitcoin ownership.

Tax efficiency: Brazil’s equity market structure provides more favorable tax treatment than direct crypto holdings for many investor classes. Oranje effectively arbitrages this gap, offering Bitcoin exposure through standard equity holdings with clearer tax implications and lower administrative burden.

Regional tailwinds: Latin America recorded nearly $1.5 trillion in crypto transaction volume between July 2022 and June 2025. Brazil alone accounts for $318 billion — more than any other Latin American market. Monthly trading tops $3 billion in 2025, confirming sustained institutional and retail demand. This isn’t speculative adoption. In fact, it’s a structural response to inflation, currency debasement, and capital preservation needs.

High-profile validation: This week, Strategy’s executive chairman Michael Saylor publicly endorsed Oranje multiple times on social media, signaling institutional recognition from Bitcoin’s most prominent corporate advocate.

Track every Latin American Bitcoin treasury → BitcoinTreasuries.net

Valuation Implications

The premium question centers on execution and comparability. 

Mercado Libre’s 570 Bitcoin holdings remain a footnote to its $112 billion valuation, making it impossible to extract a clear-cut treasury value. Méliuz, at 604 Bitcoin and 1.29x mNAV, offers slightly cleaner visibility but minimal scale and no pure-play focus.

Meanwhile, Oranje combines pure-play transparency with meaningful scale, creating the region’s first true Bitcoin treasury akin to U.S. and Asian peers.

At 3,650 BTC, Oranje ranks roughly #27 globally among public Bitcoin treasuries. For context, Japanese treasury Metaplanet trades at 1.28x basic mNAV with 30,823 BTC. Latin American structural demand could justify similar or higher multiples given the access premium regional investors must pay for liquid, regulated Bitcoin exposure.

The $210 million advisory agreement with Itaú BBA — Brazil’s premier investment bank — signals institutional validation. Yet this isn’t retail speculation. It’s structured finance backing from Latin America’s most sophisticated capital allocators.

Oranje solves Latin America’s Bitcoin access problem at scale. With B3 listing live, the company offers liquid, regulated exposure to the region’s fastest-growing asset class without the friction, risk, and complexity of direct ownership.

For investors seeking pure Bitcoin treasury exposure in Latin America, Oranje represents the region’s only dedicated play, and the closest structural parallel to Metaplanet’s validated Japanese model.

Oranje’s entire thesis centers on transparent NAV growth and treasury execution. The access premium isn’t speculation — it’s compensation for solving real structural barriers in a market starving for clean Bitcoin exposure.

Special thanks to our partners:

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writers specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing bet-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc.

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