OBTC3 is a Brazilian publicly-listed Bitcoin treasury company that currently trades at a meaningful discount to its Net Asset Value per share (MNAV of ~0.85-0.80). The company has a 5-year R$210 million debt with Itaú at CDI+1.85%, using Bitcoin as collateral, with proceeds earmarked for additional Bitcoin purchases and share buybacks. The buyback program increases Bitcoin per share when the stock is below MNAV. The company maintains low leverage, has ample cash, and is growing its shareholder base. This creates an asymmetric opportunity for investors to gain leveraged, discounted exposure to Bitcoin with a strong corporate structure.