Bitcoin News: Brazil Fintech Firm Eyes $26M BTC Bet Amid Soaring Demand

In a recent Bitcoin news update, Meliuz, a Brazilian fintech firm, plans to raise funds to expand its Bitcoin (BTC) treasury. The firm has hinted at an incoming R$150 million, equivalent to $26 million, to purchase the flagship cryptocurrency.

Meliuz May Invest $78 Million in BTC

The Brazilian fintech firm announced that it has submitted its filing for a public offering with the CVM for this purpose.

Notably, the filing was made under the automatic registration procedure. As it announced, the initial distribution encompasses 17,006,803 common shares priced at R$8.82 per share.

This would amount to R$150 million, with the possibility of a 200% expansion, which will put the total seed capital to R$450 million. The potential expansion is equivalent to around $78 million.

This suggests that Meliuz is intentionally working on consolidating the top digital coin as its treasury’s main asset.

The Bitcoin Strategy

Based on the scheduled plans, the company will price the shares on June 12. Trading will take off on June 16. This move reflects the company’s dedication to catering to professional investors.

Markedly, the coordination is primarily the responsibility of BTG Pactual, which will also provide a firm guarantee for settlement.

Ultimately, the entire fund will be used to acquire Bitcoin for HODLing so that the firm can leverage the flagship cryptocurrency’s long-term potential, and recent news reports reveal a similar strategy being employed by many institutions.

Méliuz had transitioned into Brazil’s first Bitcoin-focused listed company earlier, and the new strategy supports the milestone.

A Bitcoin-driven treasury model is not entirely the idea of the fintech firm. However, in their pro-crypto move, the company’s shareholders agreed on and approved this.

So far, it has successfully amassed 274.52 BTC. Per the earlier update, Meliuz acquired these coins for $28.4 million.

It boasts up to 320.2 BTC, with an average price of $101,703.80 per BTC unit. At the current price of $104,158.31, Meliuz’s total Bitcoin holding is worth approximately $33.47 million.

Like Metaplanet and Strategy, which have already begun reporting high BTC Yields, Méliuz looks forward to achieving substantial returns from its Bitcoin treasury allocation.

Institutional Investors Reach For Bitcoin

Generally, institutional investors are gaining intense popularity with their pivot towards a Bitcoin treasury and broader crypto adoption.

Most of these institutions are encouraged by the positive growth trends of their counterparts that have launched their Bitcoin strategy.

A few days ago, blockchain analytics firm CryptoQuant assessed addresses holding between 1,000 and 10,000 BTC.

It was discovered that many of these large holders are experiencing positive growth, reflecting strong market confidence.

Therefore, it was unsurprising when American video game and gaming merchandise retailer GameStop Corp (NYSE: GME) purchased 4,710 Bitcoin, per recent news reports.

This marks a significant buy considering it was part of the firm’s new strategy to hold BTC as a treasury reserve asset.

The GameStop holding is worth $492.28 million at BTC’s current price.

Again, the business intelligence and software firm Strategy Inc. has continued to increase the size of its Bitcoin bag.

On May 26, the business intelligence software firm announced the acquisition of 4,020 BTC for $427.1 million at an average price of $106,237.

The company now holds 580,250 Bitcoin with a total investment of $40.61 billion. Meliuz is confident in the potential of BTC to keep soaring.

If its projections play out as expected, its valuation may also soar in the coming months per correlation with the top coin