Latam is entering the era of the bitcoin treasury companies, following a trend pioneered by Michael Saylor’s Strategy in the U.S. Meliuz, a Brazilian cashback business, has become the first public company in Brazil and Latin America to establish a bitcoin treasury strategy.
Israel Salmen, CEO of the company, explained that Meliuz had jumped onto the bitcoin treasury bandwagon as its shareholders approved the move “by a wide majority.”
Salmen stated:
And today, we took another step forward: Acquired 274.52 BTC for US$ 28.4M. Average price: US$ 103,604, achieving a BTC Yield of 600%.
This purchase marks the start of a new era for the company. With this addition, Meliuz’s bitcoin holdings stand at 320.2 BTC, with an average purchase price of $101,703.80.
With this approval from its shareholders, the company has the support to push forward. However, Salmen did not provide further details on the matter and did not specify whether Meliuz plans to purchase additional bitcoin in the short term.
In March, the company announced that it would implement a bitcoin reserve strategy, using 10% of its cash flow to purchase bitcoin. At that time, the company made its first bitcoin purchase, investing over $4 million in BTC to improve its cash flow regime and protect itself from inflation risks.
Read more: Brazilian Meliuz Invests Over $4 Million in Bitcoin Following Strategy’s Playbook
While analysts qualified this development as “disconnected,” Meliuz’s stock price has risen to the highest level since April 2022, registering its highest point this year. Its upcoming performance might determine whether there is demand for a Brazilian Strategy or if investors prefer to put their funds into bitcoin directly.
Meliuz is not the only corporation moving towards bitcoin in Latam. Oranje, another company in Brazil, also aims to invest over $200 million in BTC during its first year of operations.
Read more: Latam’s Strategy Rises: Oranje Aims to Invest More Than $200 Million in Bitcoin
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