Méliuz Rides the Bitcoin Treasury Wave, Becomes Brazil’s First Public Crypto Treasury Firm

Méliuz Rides the Bitcoin Treasury Wave, Becomes Brazil’s First Public Crypto Treasury Firm 

The global trend of companies transforming into Bitcoin treasury entities – popularized by Michael Saylor’s MicroStrategy (now rebranded as Strategy) – is gaining momentum, and Brazil has officially joined the wave. Inspired by Strategy’s staggering 3,000% stock surge since August 2020, over 100 firms in North America alone have adopted this model. Now, cashback fintech Méliuz is making headlines as the first publicly listed Brazilian company to fully pivot into a Bitcoin treasury strategy. 

Méliuz took its first step on March 6, 2025, announcing an initial allocation of up to 10% of its total cash into Bitcoin, citing long-term appreciation potential. But the move proved so successful that the company went all in. On May 15, shareholders gave the green light to officially transform Méliuz into a Bitcoin treasury company. 

Less than a month later, on June 13, Méliuz raised BRL 180.1 million (USD 32.5 million) through a follow-on share offering, issuing 25.5 million new shares at BRL 7.06 (USD 1.27) each. The capital was immediately deployed: Méliuz purchased 275.43 Bitcoins at an average price of USD 103,864, bringing its total holdings to 595.67 Bitcoins worth approximately USD 70.3 million as of July 28. 

With a current market capitalization of BRL 665.23 million (USD 119.5 million), investors appear to be pricing in a substantial premium for the company’s crypto strategy. Should this valuation trend hold, Méliuz may soon return to Brazil’s B3 stock exchange to raise additional capital for more Bitcoin acquisitions. 

While the strategy remains controversial, particularly from a treasury management perspective, some analysts argue it’s a better alternative for Brazilian investors than buying into U.S.-listed firms pursuing similar paths. At least in this case, tax revenue stays within Brazil, and Méliuz continues to stand out as the only Brazilian public company with direct exposure to Bitcoin – for now. 

With its stock having more than doubled in under three months, Méliuz’s bold pivot may soon inspire others in the Brazilian market to follow suit before the year’s end.