Brazil-based fintech company Méliuz (CASH3) experienced a decline in its shares due to a capital increase aimed at adding Bitcoin (BTC) to its balance sheet.
Méliuz, one of Brazil's fastest-growing shopping applications, decided to raise approximately $32.4 million (180 million Brazilian reais) through a stock issuance to strengthen its Bitcoin strategy. The company aims to make history as the first publicly traded company in Brazil to add Bitcoin to its reserves.
According to an official statement from Méliuz, the company's new shares were sold at approximately 5% cheaper than Thursday's closing price of 7.43 reais, at 7.06 reais per share ($1.27). Following this discounted pricing, the company’s shares lost more than 5% in value during the day in response to investor reactions.
Investment bank BTG Pactual served as the main manager (book-runner) of the capital increase.
Méliuz's move continues the strategic vision it previously outlined with a capital increase of $78 million to become "the country's first Bitcoin reserve company." The company is known for its large user base; as of the first quarter of this year, Méliuz's application has reached over 41 million users.
According to TradingView data, Méliuz has a market capitalization of approximately $116.5 million (647.08 million Brazilian reais). Méliuz's Bitcoin acquisition has drawn attention to the trend of publicly traded companies holding cryptocurrency reserves both in Brazilian markets and globally.