Brazil fintech gets approval to become a Bitcoin treasury company

Méliuz’s executive chairman says his fintech firm has become Brazil’s first publicly-traded Bitcoin treasury company following shareholder approval, with the firm also announcing it bought $28.4 million worth of Bitcoin to add to its existing stack.

“Historic day! Our shareholders have approved, by a wide majority, the transformation of Méliuz into the first Bitcoin Treasury Company listed in Brazil,” Israel Salmenpostedto X on May 15.

Salmen said the firm snapped up 274.52 BitcoinBTC$103,970BitcoinChange (24h)1.03%Market Cap$2.06TVolume (24h)$32.04BView Morefor an average purchase price of $103,604, achieving a BTC yield of 600%.

Méliuz now holds 320.3 Bitcoin, worth a little over $33 million, with the latest purchase adding to the Brazilian fintech firm’sfirst purchase of 45.73 Bitcoinon March 6.

In a May 15 statement, Méliuzsaidit would accumulate Bitcoin in an “accretive way” for shareholders using a range of financial instruments.

According to Salmen, Méliuz is thefirst Bitcoin treasury companyin Latin America because the planned Bitcoin investments are now part of its “business strategy.”

BitcoinTreasuries.NETdatashows that e-commerce platform MercadoLibre holds more, with over 570 Bitcoin, worth $59.2 million, after its latest purchase of 157.7 Bitcoin on March 31.

Méliuz has been one of Brazil’s top-performing stocks of late

Méliuz (CASH3.SA) has been one of thebest-performing stockson theBrasil Bolsa Balcãosince the firm announced its first Bitcoin purchase on March 6, increasing more than 117% since then, according to Google Financedata.

Méliuz’s market cap now sits at 727.9 Brazilian real, or more than $128 million.

Related:‘The world is trying to hoard Bitcoin right now’ — Eric Trump

The fintech firm is well-known for itscashback programand serves over 30 million users across Brazil.

Magazine:Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

Explore more articles like this

Subscribe to the Markets Outlook newsletter

Get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. Delivered every Monday

By subscribing, you agree to ourTerms of Services and Privacy Policy