Brazilian fintech unicorn Meliuz announced on March 6 that it has commenced the purchase of Bitcoin as part of a new treasury management strategy, aligning itself with the increasing trend of traditional finance companies holding cryptocurrency assets.
Meliuz, which offers cashback and financial technology services, revealed its entry into the cryptocurrency market following the approval by its board of directors to accumulate up to 10% of the company’s cash in Bitcoin (BTC), as reported by local news agency Visno Invest.
According to the report, Meliuz has already completed its first Bitcoin acquisition, purchasing 45.72 Bitcoin for approximately $4.1 million at an average price of $90,296 per BTC.
The report indicated that through its Bitcoin treasury strategy, Meliuz aims to achieve long-term returns on the asset.
Meliuz embraces Bitcoin treasury strategy
As per Visno, Meliuz also announced the establishment of the Bitcoin Strategic Committee, which will conduct analyses to expand the strategy and will be responsible for purchasing operations and related guidelines.
Furthermore, the executive board is expected to perform a detailed analysis on whether to enhance the Bitcoin strategy, including the potential of adopting Bitcoin as the primary strategic asset of the company’s treasury.
“Meliuz’s management believes that the treasury strategy focused on the Bitcoin reserve has significant potential for maximizing value for the company and its shareholders,” Meliuz reportedly stated.
This is a developing story, and further information will be added as it becomes available.