Brazilian fintech company Méliuz (CASH3) has announced plans to raise up to R$450 million ($78 million) through a public equity offering, with 100% of proceeds earmarked for Bitcoin (BTC) purchases, positioning the cryptocurrency as a primary strategic asset in its treasury.
Key Details of the Offering
- Initial Offering: 17 million new common shares, with potential expansion to 51 million shares depending on investor demand.
- Target Investors: Professional investors in Brazil and abroad under automatic registration.
- Strategic Goal: Use all raised funds to buy BTC, reinforcing the company’s growing crypto-focused treasury model.
- Bonus Incentive: Each share includes free subscription warrants, divided into 10 series, allowing investors to buy more shares later at pre-set prices.
If all over-allotment and maximum subscription conditions are met, Méliuz could issue up to 152 million warrants.
Market Reaction and BTC Positioning
The bold move to convert equity into Bitcoin exposure triggered immediate market response. Méliuz shares fell more than 8% on Friday, as investors digested the strategic shift and dilution risk. The company currently holds 320.2 BTC, and in March 2025, it allocated 10% of its cash reserves to BTC, signaling its early conviction in crypto as a treasury asset.
With this offering, Méliuz is pushing that strategy even further, mirroring treasury playbooks from firms like MicroStrategy and Tesla, albeit at a smaller scale.
Warrant Trading Timeline
- Warrant trading begins: June 16
- Settlement and bonus crediting: June 18
Outlook and Implications
This is one of the most aggressive crypto treasury strategies by a publicly traded fintech firm in Latin America. If fully subscribed, it would triple Méliuz’s current BTC holdings, further embedding crypto into the company’s balance sheet amid global uncertainty and inflation hedging narratives.
While the market reaction has been negative in the short term, the long-term valuation will depend heavily on Bitcoin price performance and investor appetite for BTC-backed corporate strategies.

