Brazilian company Méliuz -shares traded 7% lower on R $ 8.20 on 30 May The company’s announcement From a primary stock sales that could yield around $ 26 million to expand his Bitcoin (BTC) Treasury.
The cashback and financial service provider has submitted to publishing 17,006,803 new ordinary shares via the fast “automatic” registration channel of Brazil for professional investors.
In addition to the range of $ 26 million from the BASE deal, management can expand the offer to 200% if books show a stronger demand, but it has not activated that option in the launch.
Prices follow on a book construction process that determines a single clearing price for all participants, including retail holders who exercise priority rights.
Transition to Bitcoin Treasury
CEO Israel Salmen framed the transaction as structurally, and says that the yields “will optimize the balance” and connect with the council March decision to park 10% of the money in Bitcoin.
He has not announced a specific purchase schedule. Nevertheless, the structure of selling equity and moving reserves in Bitcoin follows the method adopted by the strategy, which has repeatedly captured capital markets to expand its digital-asset position.
Méliuz announced on 6 March that it had bought 45.72 BTC for $ 4.1 million with an average of $ 90.296 per coin, making it the first Brazilian public company to adopt the BTC Treasury strategy.
At the time, Salmen said that Bitcoin was “a long -term storage of value” and that management did not intend to trade the position.
Investors accelerated in the share after the announcement. Méliuz shares have risen 113% from 6 March to the current price, the iBovespa -benchmark of Brazil surpassed and reflects the relocation of Bitcoin to register highlights above $ 110,000.
Subsequent steps
Salmen said that the company will convene an extraordinary shareholders’ meeting to increase its authorized capital, so that it can honor the command ships without delay.
He added that the board intends to maintain the current dividend policy and consider the Bitcoin allocation as complementary instead of disrupting core activities.
Méliuz ended in the first quarter with almost $ 263 million in gross cash and financial investments. A Bitcoin threshold of 10% implies further purchases if the company that maintains policy after closing the new stock sale.
