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.
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.”