Méliuz Shares Drop Over 8% Following Bitcoin-Focused Share Offering Announcement

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1 month ago

Méliuz Shares Drop Over 8% Following Bitcoin-Focused Share Offering Announcement

Méliuz saw its stock plunge more than 8% on Friday after the Brazilian fintech unveiled plans for a primary share offering intended to raise up to 450 million reais (approximately USD 78.6 million) to expand its Bitcoin holdings.

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Listed on Brazil’s B3 exchange under the ticker CASH3, the cashback and discount platform aims to initially raise 150 million reais (USD 26.2 million) through the issuance of 17 million new common shares. The company has also allowed for a potential 200% upsizing of the offering, which could triple the amount raised if investor demand proves strong.

This move underscores Méliuz’s ongoing pivot from a conventional fintech to what it now brands as Brazil’s first Bitcoin treasury company. Since its initial Bitcoin purchase in March, valued at $4.13 million, Méliuz has steadily accumulated a total of 320.2 BTC, worth around $33.55 million at current market prices.

The announcement highlights the company’s growing commitment to Bitcoin as a strategic asset, though the market’s initial response reflected investor caution around the dilution risk and crypto market volatility.

Méliuz Deepens Crypto Strategy Amid Market Volatility

Méliuz was among the first fintech firms in Brazil to offer cryptocurrency exposure to its clients, and its latest move is part of a broader strategy to deepen its involvement in the digital asset space.

Rather than simply allocating a portion of its cash reserves to Bitcoin as a hedge against inflation or currency devaluation, the company has taken a more aggressive stance. “The company has repositioned its purpose to focus on maximizing the amount of Bitcoin per share,” Méliuz stated in an earlier announcement outlining its strategic shift.

Markets seem to have anticipated this direction. Despite Friday’s sharp drop, Méliuz’s stock has experienced extreme volatility over the past year. Shares have surged roughly 217% since the beginning of 2025, rising from 2.53 reais to a multi-year peak near 11 reais. However, the latest share offering news triggered a correction, with the stock falling to 8.13 reais and trading volume reaching 6.51 million shares as investors reacted to potential dilution.

Ray Nasser, head of the Latin America arm of trading firm BlockFills, previously told Decrypt that the company was copying Strategy (formerly MicroStrategy) to help get shareholders more value for money. “The company lost its relevance over the years, and its stock price went down,” he said. “Although it made a turnaround in 2024, it’s doing what Strategy is doing now, it’s riding hype.”

Méliuz shares MicroStrategy Comparisons—But Plays on a Smaller Stage

The comparison to MicroStrategy is no coincidence. The U.S.-based software company pioneered the Bitcoin treasury model, amassing 580,250 BTC—worth over $60 billion—through a series of aggressive capital raises. In past bull markets, MicroStrategy’s stock has even outperformed Bitcoin itself, earning a reputation as a “Bitcoin proxy” for traditional equity investors seeking crypto exposure.

However, Méliuz operates on a much smaller scale. The Brazilian fintech’s current market capitalization stands at around 305 million reais ($53.8 million USD), a steep drop from its 2020 post-IPO peak of 9 billion reais. While Méliuz is following a similar playbook, its impact—and risk profile—remains significantly more modest by comparison.

Méliuz Sets Share Offering Timeline as Bitcoin Strategy Gains Traction

Méliuz has finalized the timeline for its upcoming share offering, with pricing scheduled for June 12 and trading of the new shares set to begin on June 16. The company has established two priority subscription windows for existing shareholders, giving them early access to the offering. The first window opens June 4, following a June 3 cutoff, and the second concludes on June 10, after a June 9 cutoff date.

According to Bitcoin Treasuries, Méliuz’s current Bitcoin holdings are showing a modest 3% profit, with an average acquisition cost of $101,575 per BTC. The company’s initial Bitcoin purchase in March—45.72 BTC—was made at an average price of $90,926, slightly above market value at the time due to rising prices.

“This represents a shift away from its traditional business model, but so far, the stock has benefited from the buzz,” said Nasser in an interview with Decrypt, commenting on Méliuz’s pivot toward a Bitcoin-focused strategy.

Founded in 2011, Méliuz built its reputation through cashback rewards and discount coupon services, forming partnerships with over 1,000 brands and amassing 35 million registered users. The company began offering Bitcoin exposure to clients in 2022, following a wave of adoption from major players like PayPal experimenting with crypto-based services.

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