Brazilian Méliuz announces $26M share sale to grow Bitcoin treasury, shares drop 7%

Brazilian company Méliuz shares traded 7% lower at R$8.20 on May 30 amid the company’s announcement of a primary share sale that could raise roughly $26 million to expand its Bitcoin (BTC) treasury.

The cashback and financial services firm filed to issue 17,006,803 new ordinary shares through Brazil’s fast-track “automatic” registration channel for professional investors. 

In addition to the $26 million offering from the base deal, management can expand the offer by up to 200% if books show stronger demand, but it did not activate that option at launch. 

Pricing will follow a book-building process that sets a single clearing price for all participants, including retail holders exercising priority rights.

Transition to Bitcoin treasury

CEO Israel Salmen framed the transaction as structural, saying proceeds will “optimize the balance sheet” and align with the board’s March decision to park 10% of cash in Bitcoin. 

He did not disclose a specific purchase schedule. Still, the structure of selling equity and moving reserves into Bitcoin tracks the method adopted by Strategy, which has repeatedly tapped capital markets to expand its digital-asset position.

Méliuz disclosed on March 6 that it had purchased 45.72 BTC for $4.1 million at an average of $90,296 per coin, making it the first Brazilian public company to adopt the BTC treasury strategy.

At the time, Salmen said Bitcoin was “a long-term store of value” and management had no intention of trading the position.

Investors accelerated into the stock after the announcement. Méliuz shares have climbed 113% from March 6 to the current price, outpacing Brazil’s Ibovespa benchmark and mirroring Bitcoin’s move to record highs above $110,000.

Next steps

Salmen said the company will convene an extraordinary shareholders’ meeting to increase its authorized capital, allowing it to honor warrant exercises without delay. 

He added that the board intends to maintain the current dividend policy and sees the Bitcoin allocation as complementary rather than disruptive to core operations.

Méliuz ended the first quarter with nearly $263 million in gross cash and financial investments. A 10% Bitcoin threshold implies further purchases if the company maintains that policy after closing the new equity sale.

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