Brazilian Fintech Méliuz Launches Share Offering to Stack More Bitcoin

Méliuz despatched its shares tumbling over 8% Friday after the Brazilian fintech introduced a major share providing aimed toward elevating as much as 450 million reais ($78.6 million) to purchase extra Bitcoin.

The cashback and coupon firm, which trades on Brazil’s B3 trade beneath the ticker CASH3, initially plans to supply 17 million widespread shares to lift 150 million reais ($26.2 million). The corporate even left room to increase the providing by as much as 200%, doubtlessly tripling the quantity if demand materializes.

The announcement marks the newest chapter in Méliuz’s transformation from a standard fintech into what it calls Brazil’s first Bitcoin treasury firm. Since March, when the corporate introduced a $4.13 million buy, Méliuz has accrued 320.2 BTC price roughly $33.55 million at present costs.



Meliuz was one of many first Brazilian fintechs to supply crypto publicity to its shoppers. This new step is simply a part of a technique to extend its involvement with the crypto business.

“Relatively than simply allocating a part of its money to Bitcoin as a hedge in opposition to inflation or forex devaluation, the corporate has repositioned its goal to behave by maximizing the quantity of Bitcoin per share,” the corporate stated in a earlier assertion about its technique shift.

Markets seem to have priced within the information. Méliuz’s inventory has swung wildly over the previous yr—up round 217% total since beginning 2025 at round 2.53 reais per share, and climbing all the best way to a multi-year excessive at round 11 reais. Friday’s drop introduced the worth to eight.13 reais, with buying and selling quantity hitting 6.51 million shares as buyers digested the dilution information.

Ray Nasser, head of the Latin America arm of buying and selling agency BlockFills, beforehand advised Decrypt that the corporate was copying Technique (previously MicroStrategy) to assist get shareholders extra worth for cash. “The corporate misplaced its relevance through the years, and its inventory value went down,” he stated. “Though it made a turnaround in 2024, it is doing what Technique is doing now, it is using hype.”

The comparability to MicroStrategy is not unintentional. The U.S. software program agency pioneered the Bitcoin treasury playbook, accumulating 580,250 BTC—over $60 billion price of the cryptocurrency—by way of repeated capital raises. Throughout bull runs, MicroStrategy’s inventory has outperformed Bitcoin itself, creating what some name a “Bitcoin proxy” for conventional buyers.

However Méliuz operates at a special scale. The corporate’s market cap hovers round 305 million reais ($53.8 million), a fraction of its 9 billion reais peak after going public in 2020.

Pricing is ready for June 12 on the Méliuz providing, with buying and selling of latest shares starting June 16. The corporate scheduled two precedence subscription intervals for current shareholders—the primary starting June 4 after a June 3 cutoff date, and the second ending June 10 after a June 9 cutoff—giving them first dibs on the brand new shares.

Méliuz’s Bitcoin holdings at present present a modest 3% revenue in line with Bitcoin Treasuries, with a median buy value of $101,575 per coin. The corporate paid barely above market charge for its preliminary 45.72 BTC buy in March, shopping for at a median of $90,926 when costs had been climbing.

“This can be a shift away from its core enterprise, however its inventory has seen the hype and advantages. It is figuring out for them,” Nasser advised Decrypt concerning the technique pivot.

Based in 2011, Méliuz constructed its enterprise on cashback rewards and low cost coupons, partnering with over 1,000 manufacturers and accumulating 35 million registered customers. Méliuz began providing Bitcoin publicity to shoppers again in 2022 when PayPal and different firms confirmed optimistic outcomes experimenting with crypto purchases.

The corporate’s bank card expanded its monetary companies footprint past easy procuring rewards, and pioneered the “cryptoback” function, letting customers get hold of cashback in BTC for his or her purchases. That function is not accessible.

Edited by Andrew Hayward