Brazilian fintech unicorn Meliuz announced on March 6 that it has commenced the acquisition of Bitcoin as part of a new treasury management strategy, aligning itself with a growing trend among traditional finance companies to hold cryptocurrency assets.
Meliuz, which offers cashback and financial technology services, revealed its entry into the cryptocurrency market after its board of directors approved the allocation of up to 10% of the company’s cash reserves to Bitcoin (BTC), as reported by local news agency Visno Invest.
According to the report, Meliuz has already executed its initial Bitcoin purchase, acquiring 45.72 Bitcoin for approximately $4.1 million at an average price of $90,296 per BTC.
The report stated that through its Bitcoin treasury strategy, Meliuz aims to achieve long-term returns on this asset.
Meliuz embraces Bitcoin treasury strategy
As reported by Visno, Meliuz has also established a Bitcoin Strategic Committee, which will conduct analyses to expand the strategy and oversee purchasing operations and related guidelines.
Furthermore, the executive board is expected to perform a detailed analysis regarding the potential expansion of the Bitcoin strategy, including the consideration of adopting Bitcoin as the main strategic asset of the company’s treasury.
“Meliuz’s management believes that the treasury strategy centered on the Bitcoin reserve holds significant potential for maximizing value for the company and its shareholders,” the company reportedly stated.
This is a developing story, and further information will be added as it becomes available.