Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy
Bitcoin Magazine Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy This post Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.
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Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy
Brazilian fintech company Méliuz announced Thursday it had allocated 10% of its cash reserves into bitcoin, becoming the first publicly traded firm in the country to adopt a bitcoin treasury strategy.
Méliuz invested $4.1 million to acquire 45.72 bitcoins at an average price of $90,926 per coin. The purchase represents roughly 10% of the company’s total cash holdings based on a new policy approved by its board of directors.
In a statement, Méliuz said the bitcoin allocation seeks “long-term returns” on the investment as part of its treasury management. The company also created a Bitcoin Strategic Committee to study expanding its strategy and making bitcoin a primary treasury asset.
Méliuz Chairman Israel Salmen told local media the move into bitcoin provides an “intelligent alternative” to holding cash reserves. “We see bitcoin as a long-term store of value,” he remarked.
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