Brazil’s First Bitcoin Bet: Why Méliuz Just Risked $4.1M on Crypto

• Méliuz allocates 10% treasury ($4.1M) to Bitcoin, becoming first B3-listed firm to adopt BTC on its balance sheet.
• Inspired by MicroStrategy’s $45B BTC holdings, Méliuz forms custody committee for future allocations amid stock liquidity crunch.

Méliuz, a publicly traded Brazilian cashback platform, disclosed on June 3 a treasury allocation of 10% ($4.1 million) to Bitcoin, acquiring 45.72 BTC at an average price of $90,296 per coin. This positions Méliuz as the first B3-listed company to integrate Bitcoin into its balance sheet, signaling a strategic pivot toward cryptoasset exposure.

The firm established an internal Bitcoin treasury management committee to oversee custodial protocols and future allocation strategies. An impact assessment report detailing portfolio rebalancing and risk-adjusted returns will be published within 45–60 days.

MicroStrategy-Inspired Treasury Strategy

Méliuz cited U.S. software firm MicroStrategy’s Bitcoin accumulation model as a blueprint. Since 2020, MicroStrategy has allocated $45 billion to Bitcoin, amassing 499,000 BTC under CEO Michael Saylor. This strategy propelled its market cap from $500 million to $77 billion, demonstrating Bitcoin’s potential as a volatility hedge and treasury reserve asset.

Long-Term HODL Approach

Méliuz Chairman Israel Salmen framed the allocation as a “structurally superior” alternative to cash reserves, emphasizing a multi-year HODL strategy without near-term liquidation plans. The firm previously engaged in crypto via Liqi’s tokenization platform but now adopts direct Bitcoin exposure, reflecting institutional-grade custody ambitions.

The decision coincides with Méliuz’s declining equity performance on B3. Shares once traded at a $1.1 billion market cap (2021) with $46 million daily liquidity but now hover near $50 million valuation, facing a liquidity crunch at $730,000 daily volume. Salmen acknowledged challenges in a shareholder letter but framed Bitcoin adoption as a catalyst for investor re-engagement.

Brazil’s Corporate Crypto Adoption Accelerates

Méliuz joins Brazil’s growing roster of firms integrating digital assets:

• E-commerce giant Mercado Livre added $7.8 million in Bitcoin to its treasury in 2021 and enabled crypto payments for real estate transactions.

• Banco do Brasil acquired $1.59 million in BlackRock’s Bitcoin ETF (IBIT) in December 2024, securing regulated exposure.
• BTG Pactual launched Mynt, a digital asset exchange, and operates in-house Bitcoin mining infrastructure. 

Federal Revenue Service data reveals over 25,000 Brazilian businesses now transact in cryptoassets, underscoring corporate adoption amid improving regulatory clarity. ETHNews analysts note Brazil’s alignment with global trends, where firms leverage Bitcoin for treasury diversification, inflation hedging, and digital asset infrastructure development.

Méliuz’s allocation highlights Bitcoin’s maturation as a treasury management tool, though market responses remain tethered to macroeconomic sentiment and crypto-specific regulatory developments. As of publication, BTC trades at $69,200, with Méliuz’s holdings valued at $3.16 million amid ongoing price volatility.