Brazilian Fintech Méliuz Bets Big on Bitcoin with Strategic Share Offering
In a bold move echoing Wall Street’s growing crypto FOMO, Brazilian rewards platform Méliuz just fired the starting gun on a capital raise—with Bitcoin squarely in its crosshairs.
The fintech’s play? Convert fresh investor cash into digital gold while traditional banks still debate whether crypto is ’a phase.’ Talk about hedging against inflation the millennial way.
One banking exec probably spilled his $8 artisanal coffee reading this news. Meanwhile, Méliuz shareholders are either high-fiving or Googling ’how to short my own stock.’
Ray Nasser, head of the Latin America arm of trading firm BlockFills, previously told Decrypt that the company was copying Strategy (formerly MicroStrategy) to help get shareholders more value for money. "The company lost its relevance over the years, and its stock price went down," he said. "Although it made a turnaround in 2024, it’s doing what Strategy is doing now, it’s riding hype."
The comparison to MicroStrategy isn’t accidental. The U.S. software firm pioneered the Bitcoin treasury playbook, accumulating 580,250 BTC—over $60 billion worth of the cryptocurrency—through repeated capital raises. During bull runs, MicroStrategy’s stock has outperformed Bitcoin itself, creating what some call a "Bitcoin proxy" for traditional investors.
But Méliuz operates at a different scale. The company’s market cap hovers around 305 million reais ($53.8 million), a fraction of its 9 billion reais peak after going public in 2020.
Pricing is set for June 12 on the Méliuz offering, with trading of new shares beginning June 16. The company scheduled two priority subscription periods for existing shareholders—the first beginning June 4 after a June 3 cutoff date, and the second ending June 10 after a June 9 cutoff—giving them first dibs on the new shares.
Méliuz’s Bitcoin holdings currently show a modest 3% profit according to Bitcoin Treasuries, with an average purchase price of $101,575 per coin. The company paid slightly above market rate for its initial 45.72 BTC purchase in March, buying at an average of $90,926 when prices were climbing.
"This is a shift away from its core business, but its stock has seen the HYPE and benefits. It’s working out for them," Nasser told Decrypt about the strategy pivot.
Founded in 2011, Méliuz built its business on cashback rewards and discount coupons, partnering with over 1,000 brands and accumulating 35 million registered users. Méliuz started offering Bitcoin exposure to clients back in 2022 when PayPal and other companies showed positive results experimenting with crypto purchases.
The company’s credit card expanded its financial services footprint beyond simple shopping rewards, and pioneered the “cryptoback” feature, letting users obtain cashback in BTC for their purchases. That feature is no longer available.
Edited by Andrew Hayward
