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.
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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.”