Brazil’s Méliuz Bets Big on Bitcoin—Sells $26M in Shares to Beef Up Crypto Reserves
In a bold move that sent its stock tumbling 7%, Brazilian cashback platform Méliuz just announced a $26 million share sale—all to double down on Bitcoin. Because nothing says ’confidence’ like diluting equity to chase crypto volatility.
The market reaction? Predictably icy. Traders clearly weren’t ready to swallow the ’Bitcoin treasury’ pill—even as Méliuz joins the growing ranks of companies swapping balance sheet safety for Satoshi’s wild ride. Just don’t call it a hedge against inflation when your shareholders are the ones getting inflated.
Transition to Bitcoin treasury
CEO Israel Salmen framed the transaction as structural, saying proceeds will “optimize the balance sheet” and align with the board’s.
He did not disclose a specific purchase schedule. Still, the structure of selling equity and moving reserves into bitcoin tracks the method adopted by Strategy, which has repeatedly tapped capital markets to expand its digital-asset position.
Méliuz disclosed on March 6 that it had purchased 45.72 BTC for $4.1 million at an average of $90,296 per coin, making it the first Brazilian public company to adopt the BTC treasury strategy.
At the time, Salmen said Bitcoin was “a long-term store of value” and management had no intention of trading the position.
Investors accelerated into the stock after the announcement. Méliuz shares have climbed 113% from March 6 to the current price, outpacing Brazil’s Ibovespa benchmark and mirroring Bitcoin’s MOVE to record highs above $110,000.
Next steps
Salmen said the company will convene an extraordinary shareholders’ meeting to increase its authorized capital, allowing it to honor warrant exercises without delay.
He added that the board intends to maintain the current dividend policy and sees the Bitcoin allocation as complementary rather than disruptive to Core operations.
Méliuz ended the first quarter with nearly $263 million in gross cash and financial investments. A 10% Bitcoin threshold implies further purchases if the company maintains that policy after closing the new equity sale.
