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Brazilian Fintech Méliuz to Allocate 10% of Cash Reserves to Bitcoin
The company has already purchased $4.1 million worth of BTC as part of its long-term treasury strategy.
What to know:
- Méliuz will invest up to 10% of its cash reserves in bitcoin for long-term returns.
- The company, which serves over 30 million users in Brazil, has already purchased 45.72 BTC for approximately $4.1 million.
Brazilian fintech Méliuz has adopted a new treasury strategy to allocate a portion of its cash reserves into bitcoin (BTC) after it was approved by the firm’s board of directors.
The company’s strategy allows up to 10% of its cash holdings to be invested in bitcoin, according to a securities filing on Thursday, as it seeks “long-term” returns from the investment. As part of this initiative, Meliuz has already purchased 45.72 BTC for roughly $4.1 million at an average price of $90,926 per bitcoin.
STORY CONTINUES BELOW
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Meliuz, known for its cashback and financial services platform, serves over 30 million registered users in Brazil. The firm is also evaluating expanding its treasury strategy to evaluate “adopting bitcoin as a main strategy asset” and ways to “generate additional bitcoin for shareholders.”
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
