Méliuz Becomes Brazil's First Publicly-Traded Bitcoin Treasury Company

According to Cointelegraph, Méliuz has achieved a significant milestone by becoming Brazil's first publicly-traded Bitcoin treasury company. This development follows shareholder approval and the company's recent acquisition of $28.4 million worth of Bitcoin. Israel Salmen, the executive chairman of Méliuz, announced on May 15 that the shareholders had overwhelmingly supported the transformation, marking a historic day for the firm. The company purchased 274.52 Bitcoin at an average price of $103,604, resulting in a Bitcoin yield of 600%.Méliuz now holds a total of 320.3 Bitcoin, valued at over $33 million, with the latest acquisition adding to its initial purchase of 45.73 Bitcoin on March 6. The company has stated its intention to accumulate Bitcoin in an "accretive way" for shareholders, utilizing various financial instruments. Rather than merely using Bitcoin as a hedge against inflation or currency devaluation, Méliuz aims to maximize the amount of Bitcoin per share as part of its business strategy. This approach positions Méliuz as the first Bitcoin treasury company in Latin America.Data from BitcoinTreasuries.NET indicates that MercadoLibre, an e-commerce platform, holds a larger Bitcoin reserve with over 570 Bitcoin, valued at $59.2 million, following its recent purchase of 157.7 Bitcoin on March 31. Despite this, Méliuz has been one of Brazil's top-performing stocks recently. Since announcing its initial Bitcoin purchase on March 6, Méliuz's stock (CASH3.SA) has surged by more than 117%, as reported by Google Finance. The company's market capitalization now stands at 727.9 Brazilian real, equivalent to over $128 million. Méliuz is renowned for its cashback program and serves over 30 million users across Brazil.