Brazilian Fintech Company Méliuz Becomes the First Publicly Traded Firm to Adopt Bitcoin as a Treasury Asset

By following the footsteps of Michael Saylor-led Strategy, which pioneered the treasury strategy in 2020, Méliuz has officially changed its corporate purpose to include Bitcoin investments

Brazilian fintech firm Méliuz (CASH3.SA) has become the first publicly traded company in Brazil and Latin America to adopt Bitcoin (BTC) as a treasury asset following shareholder approval, the cashback-focused firm announced on Monday.

Méliuz, which serves over 30 million users with its cashback and financial services, said it had officially changed its corporate purpose to include Bitcoin investments as part of its business strategy at an extraordinary general meeting earlier in the day, with a wide majority of the vote going in favour of the shift.

As part of the move, Méliuz disclosed that it had acquired 274.52 Bitcoin for approximately $28.4 million at an average price of $103,604.

The latest haul builds on its first Bitcoin purchase of 45.73 BTC in March of this year, at a disclosed price of $24.4 million, bringing the firm’s total holdings to 320.25 BTC, which is valued at over $33 million based on current prices.

“A Bitcoin Treasury Company’s main mission is to accumulate Bitcoin in an accretive way for shareholders, using its cash generation and corporate and capital market structures to increase exposure to the asset over time,” Méliuz explained.

Instead of pivoting to Bitcoin as a hedge or part of a broader investment strategy, like many other firms, Méliuz is positioning its treasury strategy around максимально long-term exposure to the cryptocurrency.

The firm added that it will now be focused on maximising "the amount of Bitcoin per share," and capitalising on its capital structure to optimise its BTC holdings over time.

“It’s a historic day for the company, and we are very pleased to announce that Méliuz is now officially the first Bitcoin Treasury Company listed in Brazil,” said Israel Salmen, executive chairman of Méliuz.

Highlighting the rapid appreciation of BTC in recent months, Salmen added that the firm’s current Bitcoin holdings carry a yield of 600% when considering its March 6 purchase.

Since its initial Bitcoin buy on March 6, Méliuz (CASH3.SA) has seen its stock price soar over 117%, making it one of the best-performing stocks on the Brasil Bolsa Balcão.

Méliuz has joined a growing list of public companies around the world pivoting to Bitcoin-centric balance sheets, many following in the footsteps of Michael Saylor-led Strategy (NASDAQ:STGY), which pioneered the treasury strategy in 2020.

Earlier this week, Bahrain’s Al Abraaj Group (BSE:4300) became the first listed company in the Middle East to adopt Bitcoin as a treasury asset. It kicked off with a modest 5 BTC purchase and says more is coming as part of a long-term shift backed by 10X Capital.

According to Al Abraaj, the initiative is part of a "forward-looking approach" to unlock Bitcoin exposure for regional investors.

In the U.S., David Bailey’s Bitcoin-native holding company, Nakamoto (NYSE:NKTO) recently went public via a merger with KindlyMD, raising $710 million to launch what he described as a "Bitcoin conglomerate."