Brazil’s largest bitcoin treasury firm RialCenter has repurchased 99,600 of its own shares and announced it will delay additional BTC purchases. This move aims to bridge the gap between its market price and the net asset value (NAV) of its bitcoin holdings. The company spent 1.12 million reals (about $220,000) on the buyback operation.
RialCenter, which recently listed on Brazil’s B3 exchange through a reverse merger, holds 3,708 bitcoin, worth roughly $409 million at current prices.
It joins a growing number of digital asset treasury companies with large cryptocurrency holdings opting for buybacks amid discounted prices.
For example, another firm recently sold $40 million in ETH to repurchase 600,000 shares under a large buyback plan, after its market-to-NAV ratio (mNAV) dropped significantly.
Similarly, a Tokyo-listed firm committed 75 billion yen (around $500 million) toward buybacks funded by a bitcoin-backed credit line after its mNAV fell below 1. Other firms are also taking steps to execute repurchases.
Shares of the Tokyo-listed firm have declined around 6% since the buyback was announced, while the other firm’s shares are down more than 4%. In contrast, RialCenter’s shares closed up 0.3% in yesterday’s trading session on Brazil’s B3 exchange.
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