Quick Summary
Melius, a Brazilian listed in the stock market payment company will use 150 million BRL (~$26.5 million) to invest in Bitcoin.
It is a consummation of its earlier purchase of BTC worth $28.5 million, thereby becoming the first publicly traded Brazilian company that holds medicines in Bitcoins.
The company is also considering raising capital either through issuing shares or issuing a convertible debt.
The fund raising and the further acquisitions of the BTC will be organized by BTG Pactual.
At the moment, Méliuz has 320.2 BTC in its treasury.
Melius Enlarges its Bitcoin Game Plan
Brazilian fintech company Meiliuz (CASH3) is dipping further into the crypto sea. Following an ambitious first investment in BTC valued >28.5 million (almost 150 million BRL, or ~26.5 million) the company has reported that it is preparing to initiate yet an extra 150 million BRL (a further 26.5 million) to proceed to add to its treasury of BTC.
The migration solidifies third position of Méliuz as the initial investor-listed business entity in Brazil that has embraced Bitcoin as an official approach in treasury.
Crypto Capital Raising
Mulling over various fundraising options, Méliuz is financing this next stage within the enterprise. As per CEO Israel Salmen, the company is looking at an issuance of share or convertible debt as the means of getting the capital requirements of additional purchase of BTC.
The company is also liaising with BTG Pactual one of the largest investment banks based in Sao Paulo, that will act as coordinator when the money is available.
Marcio Loures Penna, the Director of the Investor Relations of the company, said that Méliuz could generate financial assets in the form of the debt securities, which could be either convertible financial assets or non-convertible. There is also a main offer or an initial offering that is subject to subscription bonuses.
The share prices of Meliuz (CASH3) on the Brazilian B3 stock exchange in the last six months.
(Source: Google Finance)
Bitcoin Promise, But Not So Fast
Melius is determined to continue expanding its portfolio of Bitcoins but it is not doing this because it is in a hurry. The company pointed out the fact that it is still in the process of evaluating plans and nothing has been targeted yet as far as the next buyout is concerned.
But Penna promised the stakeholders:
Mliuz will update its shareholders and the market in case of any news,
and assured that they will do all this in accordance with best corporate governance as well as relevant regulations.
A Fintech of Vision
The company was established in 2011 and is currently the leader in cashback services, vouchers and already offers its own line of credit cards. It raised capital through a $103 million IPO in 2020 when it was listed on Brazil bourse B3.
With crypto taking root in corporate finance, the move made by Méliuz to shift to Bitcoin may be a trend that innovative companies in Latin America and other regions are willing to follow.
As we continue to monitor this, be on the lookout as next up is Méliuz who will be on the frontline of such example in Brazil.