Brazilian fintech firm Meliuz announced a significant shift in its corporate treasury strategy on April 15, 2025. The company intends to officially adopt Bitcoin as a strategic reserve asset, adding to its growing position in the world’s largest cryptocurrency. In a filing with regulators, Meliuz revealed plans to expand its Bitcoin holdings and designate the asset as a central pillar in its long-term capital allocation framework.
This bold move places Meliuz among a select group of forward-thinking public companies in Latin America that treat Bitcoin not merely as an investment—but as an integral financial hedge and long-term store of value. Meliuz will hold a shareholder vote on May 6, 2025, to amend its corporate bylaws and formally integrate Bitcoin into its financial objectives.
Let’s explore the motivations behind this decision, what it signals to the market, and how it reflects larger macroeconomic shifts in the global fintech and digital asset landscape.
Meliuz’s Bitcoin Journey: From Pilot to Policy
Meliuz began acquiring Bitcoin during late 2023 as part of a pilot initiative. At the time, the company allocated a small portion of excess cash into digital assets to diversify beyond inflation-exposed fiat reserves. Brazil’s double-digit inflation and currency depreciation pressured treasury managers across industries to seek alternatives.
Over the past 18 months, Meliuz gradually increased its Bitcoin allocation. By early 2025, internal reports showed the firm held over 320 BTC, valued at approximately $27 million at the time of reporting. As the price of Bitcoin recovered from previous lows and reached above $85,000 in mid-April, Meliuz’s unrealized gains exceeded 75%.
This performance emboldened leadership to formalize Bitcoin’s role in the treasury strategy. CEO Israel Salmen championed the move, stating in a press release that “Bitcoin offers long-term protection against monetary debasement, while aligning with our mission to embrace financial innovation.”
Brazil’s Economic Climate Supports the Move
Meliuz didn’t make this decision in isolation. Brazil’s broader macroeconomic climate pushed many corporations to reconsider traditional reserve strategies. The Brazilian real lost over 15% of its value against the U.S. dollar between 2022 and 2024. Despite the central bank’s aggressive monetary tightening, inflation remained elevated at 7.4% in Q1 2025.
Holding cash in reals eroded purchasing power rapidly. Fixed-income instruments like government bonds delivered yields below inflation, leading to negative real returns. Meanwhile, global commodities and digital assets like Bitcoin outperformed most local financial products.
Meliuz identified this imbalance early. The company recognized Bitcoin as a globally liquid, non-sovereign asset with deflationary properties—qualities that traditional fiat-based instruments failed to offer in Brazil’s current environment.
How Meliuz Will Structure Its Bitcoin Treasury
To avoid speculation and volatility risks, Meliuz designed a structured approach to Bitcoin accumulation. The firm created a treasury reserve framework with the following components:
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Cap Allocation at 25% of Excess Cash
Meliuz set a maximum cap of 25% of liquid reserves for Bitcoin investments. This protects operational liquidity while allowing room for growth. -
Cold Storage Custody with Multisig Protocols
The company uses institutional-grade cold storage solutions with multi-signature authorization requirements. It also runs internal audits every quarter to verify holdings. -
No Trading, Only Accumulation
Meliuz prohibits short-term trading. Its treasury team adopts a dollar-cost averaging (DCA) model for monthly purchases. -
Periodic Disclosures
To maintain transparency with shareholders, the company will publish Bitcoin holdings and market value in quarterly earnings reports.
This framework ensures that Bitcoin serves as a strategic asset rather than a speculative tool.
Why Bitcoin, Not Stablecoins or Altcoins?
Meliuz evaluated other digital assets before committing to Bitcoin. Executives and treasury analysts considered stablecoins like USDT and USDC for short-term liquidity. However, they ultimately chose Bitcoin due to its long-term performance and superior decentralization.
Stablecoins, while useful for payments and remittances, introduce counterparty and regulatory risk. Meliuz feared stablecoins could face future capital controls or blacklisting from central banks, which would compromise liquidity.
Altcoins like Ethereum or Solana offered utility and growth potential but also carried protocol risks, technical forks, and uncertain monetary policies. Bitcoin’s fixed supply, decentralized governance, and 15-year track record gave it an edge.
Meliuz believes Bitcoin uniquely combines security, liquidity, and scarcity—making it the best asset for long-term preservation of purchasing power.
Investor Reaction and Market Sentiment
After Meliuz disclosed its plan, local and international crypto investors welcomed the decision. Bitcoin supporters viewed the move as a milestone for Latin America, while institutional analysts praised the company’s conservative, structured approach.
On the Brazilian stock exchange B3, Meliuz’s shares (CASH3) surged 8.6% intraday following the announcement. Analysts from XP Investimentos and BTG Pactual released notes upgrading their outlook on the company. They cited enhanced treasury diversification and innovative financial governance as positive signals.
Meanwhile, on-chain data showed a brief spike in Brazilian wallet addresses acquiring small amounts of Bitcoin, indicating a potential consumer halo effect from the company’s pro-BTC stance.
Legal and Governance Procedures
Meliuz’s legal team prepared a detailed shareholder proposal, which will undergo voting on May 6, 2025. The company will hold a virtual general assembly with digital participation from retail and institutional shareholders.
The proposal requests permission to amend the corporate bylaws to include “the strategic management of digital monetary assets, primarily Bitcoin,” as part of the company’s financial objectives.
If approved, the new charter will allow Meliuz to expand Bitcoin reserves without needing board approval for each allocation, streamlining the treasury operation.
Corporate governance experts praised this transparent approach, noting that Meliuz seeks consent and oversight, rather than making unilateral decisions about treasury assets.
Setting a Trend for Brazilian Companies
Meliuz could trigger a trend in Brazil’s corporate landscape. Already, other fintech players like Nubank and PicPay reportedly monitor digital asset strategies. With growing public acceptance and improving regulatory clarity, more firms could follow Meliuz’s example.
Brazilian regulators, including the Central Bank and the Securities and Exchange Commission (CVM), continue working on guidelines for digital asset reporting. In 2024, Brazil passed laws allowing companies to report Bitcoin on balance sheets under “intangible assets.” Meliuz used these laws as a foundation to support its initiative.
If more companies adopt similar strategies, Brazil could emerge as a regional hub for Bitcoin-based treasury innovation, just as the country leads in real-time payment adoption via its Pix system.
Conclusion
Meliuz didn’t chase headlines or jump on a hype train. Instead, the fintech company studied its macro environment, analyzed asset performance, and built a robust framework for long-term Bitcoin adoption. By formalizing its BTC reserves strategy and seeking shareholder approval, Meliuz showed discipline, innovation, and financial foresight.
Bitcoin, in this case, doesn’t represent risk—it represents a hedge against risk. Meliuz knows that inflation, currency depreciation, and monetary instability demand bold yet responsible moves. As Latin America faces economic headwinds, companies like Meliuz lead the way in adopting digital alternatives that protect value and drive confidence.
If shareholders approve the motion in May, Meliuz will become the first publicly traded Brazilian company to officially designate Bitcoin as a core strategic asset. Others may soon follow—but Meliuz took the first step.
