Brazilian fintech unicorn Meliuz said on March 6 that it has begun purchasing Bitcoin as part of a new treasury management strategy, joining a growing trend of traditional finance companies holding cryptocurrency assets.
Meliuz, which provides cashback and financial technology services, announced its entry into the cryptocurrency market with its board of directors approving the accumulation of up to 10% of the company’s cash in Bitcoin (BTC), local news agency Visno Invest reported.
According to the report, Meliuz has already completed its first Bitcoin acquisition, purchasing 45.72 Bitcoin for about $4.1 million at an average price of $90,296 per BTC.
The report said that with its Bitcoin treasury strategy, Meliuz is seeking long-term returns on the asset.
Meliuz embraces Bitcoin treasury strategy
According to Visno, Meliuz also announced the creation of the Bitcoin Strategic Committee, which will conduct analysis to expand the strategy and be responsible for purchasing operations and related guidelines.
Additionally, the executive board will reportedly conduct a detailed analysis on whether to expand the Bitcoin strategy, including the possibility of adopting Bitcoin as the main strategic asset of the company’s treasury.
“The company’s management believes that the treasury strategy focused on the Bitcoin reserve has significant potential for maximizing value for the company and its shareholders,” Meliuz reportedly said.
This is a developing story, and further information will be added as it becomes available.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
Read the full article here