Brazilian fintech company Méliuz has become the first publicly traded firm in Brazil and Latin America to adopt Bitcoin as a treasury asset following shareholder approval.
In a statement issued on May 15, the cashback-focused firm, which serves over 30 million users, said it had officially changed its corporate purpose to include Bitcoin investments as part of its business strategy. The move was greenlit by a wide majority at an extraordinary general meeting earlier in the day.
As part of the shift, Méliuz 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 this year, bringing the firm’s total holdings to 320.25 BTC, 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 wrote.
Instead of treating Bitcoin as a mere hedge, Méliuz has repositioned its mission to maximise “the amount of Bitcoin per share,” aligning its capital strategy around long-term BTC exposure.
Calling it a “historic day,” Méliuz executive chairman Israel Salmensaid the firm had officially become the “first Bitcoin Treasury Company listed in Brazil.”
He added that the firm’s BTC holdings now carry a yield of 600% when factoring in 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, which pioneered the treasury strategy in 2020.
Earlier this week, Bahrain’s Al Abraaj Group 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, recently went public via a merger with KindlyMD, raising $710 million to launch what he described as a “Bitcoin conglomerate.”