Méliuz Shares Drop 7% After $26 Million Share Sale for Bitcoin Expansion

Brazilian cashback and financial services firm Méliuz announced a primary share sale on May 30, aiming to raise approximately $26 million to expand its Bitcoin (BTC) treasury. The company's shares traded 7% lower at R$8.20 following the announcement. Méliuz filed to issue 17,006,803 new ordinary shares through Brazil’s fast-track “automatic” registration channel for professional investors. The offering includes a base deal of $26 million, with an option to expand the offer by up to 200% if demand is strong. However, this option was not activated at launch. Pricing will be determined through a book-building process that sets a single clearing price for all participants, including retail holders exercising priority rights.

CEO Israel Salmen framed the transaction as structural, stating that the proceeds will “optimize the balance sheet” and align with the board’s March decision to allocate 10% of cash reserves to Bitcoin. Salmen did not disclose a specific purchase schedule, but the method of selling equity and moving reserves into Bitcoin mirrors the approach adopted by Strategy, which has repeatedly tapped capital markets to expand its digital-asset position. In March, Méliuz disclosed that it had purchased 45.72 BTC for $4.1 million at an average of $90,296 per coin, making it the first Brazilian public company to adopt the BTC treasury strategy. At the time, Salmen emphasized that Bitcoin is “a long-term store of value” and that management had no intention of trading the position.

Investors responded positively to the announcement, with Méliuz shares climbing 113% from March 6 to the current price, outperforming Brazil’s Ibovespa benchmark and mirroring Bitcoin’s surge to record highs above $110,000. Salmen announced that the company will convene an extraordinary shareholders’ meeting to increase its authorized capital, allowing it to honor warrant exercises without delay. He also stated that the board intends to maintain the current dividend policy and views the Bitcoin allocation as complementary to core operations rather than disruptive. Méliuz ended the first quarter with nearly $263 million in gross cash and financial investments. A 10% Bitcoin threshold implies further purchases if the company maintains that policy after closing the new equity sale.