According to Beincrypto, one of Brazil's largest banks, Itaú announced an initial investment of $210 million to establish Oranje, which will specialize in the accumulation of strategic reserves of Bitcoin. This new move follows Strategy’s (formerly MicroStrategy) business model. The project aims to create a strong BTC reserve, expand the brand, and provide a new investment model in Brazil. Oranje will become the first publicly traded company in Latin America to focus on Bitcoin. The project aims to create a strong Bitcoin funding reserve, expand brand influence, and provide innovative investment models for the Brazilian market. If the business plan is implemented smoothly, the first year target is to achieve a 45% return on investment in Bitcoin. Oranje plans to adopt financing strategies such as debt issuance and stock sale, similar to what Strategy has done. In addition, the company promises to provide tax and operational convenience to investors who want to hold Bitcoin directly (without the need to go through an intermediary). Its governance team includes well-known crypto people Eric Weiss and Fernando Ulrich, and has been supported by Itawu Investment Bank, Pinheiro Neto Law Firm and one of the four major auditing agencies.