Source: Cointelegraph
Original: “Brazilian Fintech Company Méliuz Approved to Become Bitcoin (BTC) Treasury Company”
Brazilian fintech company Méliuz's shareholders officially approved a Bitcoin reserve proposal on May 15, and the company announced it has become Brazil's first publicly listed Bitcoin treasury company, adding $28.4 million worth of Bitcoin (BTC) to its existing reserves.
Méliuz's Executive Chairman Israel Salmen stated in a post on X on May 15: “A historic day! Our shareholders overwhelmingly approved Méliuz's transformation into Brazil's first publicly listed Bitcoin treasury company.”
Salmen mentioned that the company purchased 274.52 Bitcoins (BTC) at an average purchase price of $103,604, achieving a 600% BTC return.
Currently, Méliuz holds 320.3 Bitcoins, valued at just over $33 million, with this purchase being an increase following the initial purchase of 45.73 Bitcoins on March 6.
In a statement on May 15, Méliuz indicated it would accumulate Bitcoin in a way that “adds value” to shareholders, using a range of financial instruments.
“The company is not merely allocating part of its cash to Bitcoin as a hedge against inflation or currency devaluation, but is repositioning its goals by acting to maximize the number of Bitcoins per share.”
According to Salmen, Méliuz is the first Bitcoin treasury company in Latin America, as the planned Bitcoin investment has now become part of its “business strategy.”
According to data from BitcoinTreasuries.NET, the e-commerce platform MercadoLibre holds more Bitcoins, over 570, valued at $59.2 million, with its latest purchase on March 31, acquiring 157.7 Bitcoins.
Since announcing its first Bitcoin purchase on March 6, Méliuz (CASH3.SA) has been one of the best-performing stocks on the Brazilian Stock Exchange (Brasil Bolsa Balcão), with its stock price rising over 117% since then, according to Google Finance data.
Méliuz currently has a market capitalization of 727.9 million Brazilian Reais, equivalent to over $128 million.
This fintech company is known for its cashback program, serving over 30 million users in Brazil.
Related: Wisconsin Investment Board Sells Its Bitcoin (BTC) ETF Holdings
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