Brazil's Méliuz raising $32M for fresh Bitcoin purchase

Brazilian firm Méliuz has raised about $180 million reais ($32 million) in a follow-on share offering aimed at obtaining funds to purchase Bitcoin. According to its recent filing, Méliuz said that the offering was priced at 7.06 reais per share, a 5% discount over its closing price on Thursday.

This decision by the prominent company in Brazil showcases the growing interest from traditional businesses in adding digital assets to their balance sheet management and investment.

According to Méliuz, the funds raised will be used to acquire more Bitcoin, with the company already holding about 320.25 BTC from its previous foray into the market. The decision to raise capital to purchase Bitcoin shows a strong conviction in the long-term value of the digital asset.

Méliuz raises funds to purchase Bitcoin

Several factors would have influenced Méliuz’s choice of pursuing a strategic investment in the asset, with Bitcoin currently seen as a hedge against inflation due to its capped supply. Its characteristics as a decentralized and immutable digital asset appeal to corporations seeking a store of value outside the traditional financial systems.

Adding Bitcoin to a corporate treasury is also a form of diversification from traditional securities and currencies.

As a fintech firm, Méliuz’s customer base is tech-savvy and interested in digital assets, making the move in line with the company’s brand and future offerings.

Despite the volatility in the crypto market, the growth potential of Bitcoin is one of the key drivers of its adoption by corporations. For context, Bitcoin has grown steadily since its creation, moving from being sold for cents to over a hundred thousand dollars. The digital asset has also influenced the creation of other assets, making the crypto sector one of the most successful since its creation.

The move to purchase more Bitcoin came earlier this year when the company launched a new strategy allowing it to allocate cash reserves in the cryptocurrency. The move saw the company label itself “the first Bitcoin treasury company” in Brazil. It is also expected to strengthen the company’s balance sheet, seeing that the appreciation in the price of the asset over the next few years can put it in a better financial standing compared to most of its peers.

Aside from investors, the company is also expected to increase its user base and lead the fintech sector in Brazil.

Crypto literacy in Latin America is on the rise

Brazil has emerged as an important player in the Latin American cryptocurrency market. While regulatory clarity is improving, the country has also seen increased public interest in the sector. Méliuz is also following that trend, which has seen a wider interest in digital asset investment and adoption among individuals and corporations.

Meanwhile, Méliuz is not the only corporation accumulating Bitcoin, with firms like Strategy (formerly MicroStrategy) and Metaplanet also accumulating the digital asset. Days ago, Strategy announced the purchase of 1,045 BTC at $110.2 million, with each token costing about $105k. The move pushed the company’s total Bitcoin stash to 582,000, with an average purchase price of $70,086.

The move by Strategy and other corporations to purchase BTC has influenced others, with more companies starting to add minimal Bitcoin to their treasuries.

According to reports, about 26 companies hold more than 1,000 BTC in their treasuries, with seven holding 10,000 or more. In the past week, five companies have also purchased more BTC, using the announcement to boost their social media presence. 

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