Brazilian fintech firm Meliuz, known for its cashback services, has proposed a plan to expand its Bitcoin holdings and transform the cryptocurrency into a strategic asset on its balance sheets.
Meliuz's Plan for Bitcoin Acquisition
Meliuz has presented shareholders with a plan to make Bitcoin the primary strategic asset in its treasury in a meeting slated for May 6. The company noted that its core business will remain unchanged, but 'the generation of cash from operations is fundamental to the strategy of acquiring more Bitcoin over time.'
Shareholder Reactions to the Initiative
If shareholders approve the initiative, Bitcoin will be adopted as the firm’s main strategic treasury asset, fostering 'the incremental generation of Bitcoin for its shareholders, whether through the generation of operating cash or through possible financial transactions.' Shareholders who disagree with the new direction and held their shares before April 14 can request reimbursement.
Market Reaction to Meliuz's Plans
Following the announcement of the new Bitcoin plan, Meliuz's shares (CASH3) jumped over 14% from 3.28 to 3.76 Brazilian reals. Over the last five days, the share price has spiked by over 27%, reaching 3.85 Brazilian reals.
Meliuz's plans to increase its Bitcoin holdings reflect a growing interest in cryptocurrencies among publicly traded companies. It will be interesting to see how shareholders react to this new direction and what steps the company will take in the future.
