Meliuz purchases an additional 275.43 BTC worth 28.61 million USD, raising total holdings to 595.67 BTC and surpassing Mercado Libre.
Meliuz, a company known for its cashback model, has officially become the largest public company holding Bitcoin in Latin America after its latest purchase. Chairman Israel Salmen announced that the company has just purchased an additional 275.43 BTC with a total value of 28.61 million USD, equivalent to an average price of 103,864.38 USD per Bitcoin.
This transaction helps Meliuz overtake Mercado Libre - the e-commerce giant that previously held the leading position in the region. However, it is worth noting that the Bitcoin held by Mercado Libre does not belong to the company itself but to its customers, while Meliuz directly owns 595.67 BTC in the company's treasury with an average purchase price of 102,702.84 USD per Bitcoin.
Meliuz's strategy of shifting towards Bitcoin began in May, inspired by Strategy's model. The company has made three Bitcoin purchases since March, starting with a test transaction worth 4 million USD, followed by a purchase of 274.52 BTC worth 28.4 million USD in May.
Successful Capital Raising and Positive Impact
To promote its Bitcoin treasury strategy, Meliuz sought new capital in May with the goal of purchasing Bitcoin worth 80 million USD. This capital raising exceeded expectations, helping the company raise 32.5 million USD in cash ready for additional Bitcoin purchases.
This pivot has received a positive response from the Brazilian financial market. Meliuz's stock price has increased by over 110% since announcing its Bitcoin strategy pivot, showing significant interest and support from domestic investors.
Meanwhile, another Brazilian company, Oranje, also aims to purchase nearly 210 million USD in Bitcoin, but this strategy has not yet been implemented. This further highlights Meliuz's leading position in adopting Bitcoin as a reserve asset in the Latin American region.
