Strategy buys US$ 1.28 billion in Bitcoin and Brazil's OranjeBTC follows suit

The week oil exceeded US$ 100 and global stock markets went into risk aversion mode, the Strategy (NASDAQ: STRC) made its second largest Bitcoin purchase of 2026: 17,994 BTC for approximately US$ 1.28 billion, at an average price of US$ 70,946 per unit.

Strategy has acquired 17,994 BTC for ~$1.28 billion at ~$70,946 per bitcoin. As of 3/8/2026, we hodl 738,731 $BTC acquired for ~$56.04 billion at ~$75,862 per bitcoin. $MSTR $STRC https://t.co/1fkG7ehye1
- Strategy (@Strategy) March 9, 2026

With the purchase, the Michael Saylor now holds 738,731 BTC - accumulated for a total cost of around US$ 56.04 billion, at an average price of US$ 75,862 per bitcoin.

It's the company's second largest acquisition this year, in terms of dollar volume, and it comes at a time when Bitcoin was close to recent lows, in the US$ 67-71 thousand range. The logic is consistent with what Saylor has been communicating for years: corrections are buying opportunities, not pullbacks.

Brazilian company follows suit and invests in Strategy

On the Brazilian side, the OranjeBTC (B3: OBTC3) - the only company listed on B3 with an explicit Bitcoin treasury strategy - announced its weekly trading statement for the period from March 2 to 8, and the most relevant move was not a purchase of BTC, but something structurally new.

The company raised a US$ 10 million credit line backed by Bitcoin, OranjeBTC has a fixed rate and flexible maturity with 30 days' notice. The important operational detail: the Bitcoin given as collateral remains in OranjeBTC's own accounts, held at cold wallets and structures multisig with qualified custodians - in other words, the company does not hand over custody of the asset to the lender.

The funds raised will be allocated mainly to STRCs, In this case, the company is using a preferred share issued by Strategy itself, with the aim of capturing the differential between the yield on the asset and the cost of the debt, a yield arbitrage operation.

The logic is to use Bitcoin as collateral to generate cash, invest that cash in an instrument that yields more than the cost of the debt, and keep the long-term exposure to BTC intact. It's the same principle that Strategy uses on a much larger scale with its convertible debt issues.

The model and its risks

Both Strategy and OranjeBTC operate on the same fundamental principle: using the Bitcoin balance sheet as leverage to generate revenue and accumulate more BTC per share over time. The difference is one of scale - Strategy has 738,000 BTC and accesses deep American capital markets; OranjeBTC has 3,723 BTC and operates in a capital market with far fewer instruments available for this type of strategy.

OranjeBTC's credit operation carries risks that the statement itself implicitly recognizes by detailing the safeguards: cold storage, multisig, qualified custodians. In operations with Bitcoin as collateral, the main vulnerability is an abrupt drop in price that requires reinforcement of the guarantee or early liquidation. The line matures “at any time with 30 days” notice", which gives some flexibility but does not eliminate the risk.

The fact that the company is allocating the funds in STRC (an instrument of Strategy itself) also creates a double correlation with Bitcoin: if the price of BTC falls too much, both the collateral and the asset in which the money has been invested devalue simultaneously.

These are manageable risks within a long-term strategy, but they deserve to be understood by those who follow or invest in OBTC3.

The week in perspective

It is significant that both Strategy and OranjeBTC advanced in their accumulation strategies in the very week that the market went into panic mode with the oil shock. According to data from Fear and Greed Index, The Bitcoin market is in “Extreme Fear”.

While many investors retreated to the dollar and defensive assets, the two companies with theses built around BTC went in the opposite direction. For those who believe in Bitcoin as a long-term store of value, moments of volatility and discounting are exactly when the position should be maintained or expanded, not reduced.

If the thesis is right, this week's purchases will be remembered as the right decisions. If the macro environment worsens significantly - interest rates rising further, global liquidity tightening - they may be remembered differently.