Brazil’s First Bitcoin Treasury Firm Takes Shape
Brazilian fintech firm Meliuz (CASH3) has announced a bold move to incorporate Bitcoin into its corporate treasury, raising R$180 million ($32.4 million) through a discounted equity offering. The company plans to allocate the entire amount toward Bitcoin acquisition, becoming Brazil’s first publicly listed firm to adopt such a strategy.
This announcement marks a significant shift in the company’s positioning as it joins the growing trend of corporate Bitcoin adoption—a space largely dominated by firms in North America until now.
Discounted Share Sale Triggers Market Reaction
The share offering was priced at R$7.06 ($1.27)—approximately 5% below the prior day’s closing price of R$7.43. Following the announcement, Meliuz shares fell over 5%, reflecting investor concern about the potential risks and dilution related to the fundraising.
The R$180 million raise equals nearly 28% of the company’s current market capitalization of R$647.08M ($116.5M).
BTG Pactual acted as the book-runner for the deal.
Strategic Shift Toward Crypto Holdings
Earlier this year, Meliuz revealed it aimed to raise $78 million in total equity with the intention of becoming “the first Bitcoin treasury company” in Brazil.
The move aligns with its broader digital-first strategy. Meliuz operates one of the fastest-growing shopping apps in Brazil, boasting 41 million users as of Q1 2025.
“This investment is about long-term vision, diversifying reserves, and aligning with digital value trends,” the company stated in its internal presentation.
By allocating Bitcoin to its treasury, Meliuz hopes to hedge against fiat depreciation, enhance brand appeal in the crypto-native market, and differentiate itself in Brazil’s competitive fintech ecosystem.
Investor Sentiment Remains Cautious
Despite the ambitious plan, the market reaction shows mixed investor sentiment. While crypto enthusiasts have welcomed the announcement, traditional investors remain cautious, citing Bitcoin’s volatility and the timing of the offering.
Meliuz’s strategy is being closely watched as a potential case study for public companies in emerging markets exploring crypto reserves.
If successful, the move could pave the way for other Latin American firms to follow suit—redefining treasury management in a digital era.