Brazil’s Méliuz Adopts Bitcoin Treasury Strategy Following 66% Shareholder Approval, Inspired by Metaplanet Model
Introduction
In a landmark corporate decision, Brazilian fintech firm Méliuz (CASH3) has officially pivoted to a bitcoin treasury strategy after receiving overwhelming shareholder endorsement. The move, approved by 66% of participating shareholders—the largest turnout in the company’s history—marks a radical departure from traditional corporate treasury management in Brazil. Faced with the startling realization that its core business was valued at zero by the market when excluding cash holdings, Méliuz discovered its substantial cash reserves, primarily held in government bonds, were generating negative real returns after taxes and inflation. This financial impasse prompted the company to seek an alternative, leading to the adoption of a bitcoin-focused strategy inspired by Japanese firm Metaplanet. By leveraging share issuance and derivatives strategies instead of high-cost debt, Méliuz aims to preserve and grow its treasury in a high-interest-rate environment where conventional bonds have become a liability. This strategic shift represents a significant milestone for Bitcoin adoption in Latin America’s largest economy and offers a compelling case study in corporate financial innovation.
The Treasury Trap: How Profitable Companies Can Be Valued at Zero
When Brazilian fintech firm Méliuz reviewed its balance sheet in late 2024, it uncovered a paradoxical situation: despite being profitable, debt-free, and growing, the market had effectively valued its operational business at zero. Diego Kolling, Head of Bitcoin Strategy at Méliuz, explained this phenomenon at the Blockchain Conference Brasil 2025: "If you excluded the cash on hand, the company was worth nothing." That cash, approximately R$250 million at the time, was predominantly allocated to government bonds. However, after accounting for taxes and Brazil's persistent inflation, these supposedly "safe" investments were actually generating negative real returns. "We were being confiscated," Kolling stated, highlighting how traditional treasury management had become counterproductive for preserving corporate value. This scenario illustrates a critical challenge facing companies in high-inflation emerging markets, where conventional safe havens can systematically destroy capital rather than protect it.
The Shareholder Mandate: Unprecedented Participation Backs Bitcoin Strategy
The implementation of Méliuz's bitcoin treasury strategy followed a formal shareholder vote that demonstrated remarkable engagement from the company's investor base. With 66% of shareholders participating—the largest turnout in Méliuz's history—the vote resulted in overwhelming approval for the strategic pivot. This level of participation signifies substantial investor recognition of the limitations of traditional treasury management in Brazil's economic environment. The voting outcome provided Méliuz with a clear mandate to pursue alternative asset allocation, contrasting with the often contentious shareholder reactions to corporate bitcoin adoption seen in other jurisdictions. The decisive approval suggests that Brazilian investors, familiar with currency volatility and inflationary pressures, may be more receptive to bitcoin as a legitimate treasury asset than their counterparts in more stable economies.
Adapting the Bitcoin Treasury Model for Emerging Market Realities
While numerous companies globally have adopted bitcoin treasury strategies, Méliuz recognized that approaches successful in developed markets wouldn't necessarily translate to Brazil's economic context. Many corporations elsewhere have utilized cheap, dollar-denominated debt to finance bitcoin acquisitions, but as Kolling explained, "this strategy doesn't translate to emerging markets like Brazil, where benchmark interest rates hover near 15% and private borrowing often costs more than 20%." He further contextualized the challenge: "Strategy competes with 4% Fed rates. We're dealing with 22%. The math simply doesn't work." This interest rate disparity necessitated an innovative approach tailored specifically to Brazil's financial landscape. Instead of pursuing debt financing, Méliuz leveraged share issuance and other capital allocation strategies to fund its bitcoin acquisitions, demonstrating how corporate bitcoin adoption must be adapted to local economic conditions rather than simply copied from international precedents.
The Metaplanet Inspiration: Implementing Cash-Secured Puts for Yield Generation
Méliuz's treasury strategy draws direct inspiration from Japanese bitcoin firm Metaplanet's innovative approach to yield generation. Specifically, Méliuz has adopted Metaplanet's method of selling cash-secured puts to generate returns on capital earmarked for bitcoin acquisition. This strategy involves writing put options secured by cash reserves, generating premium income that is then used to purchase bitcoin while maintaining the principal amount intact. Kolling did not disclose the specific size of these operations for Méliuz but clarified that the company maintains a hard cap of approximately 20% of BTC holdings being deployed in such yield-generating strategies. The firm initially tested these strategies with smaller amounts before committing more substantial capital, demonstrating a methodical approach to risk management. This cautious implementation reflects the company's focus on capital preservation while still seeking to enhance returns through sophisticated financial instruments.
Risk Management Framework: Cold Storage Dominance and Strategic Allocation
Méliuz has implemented a carefully structured risk management framework for its bitcoin holdings that prioritizes security while allowing for measured yield generation. The company maintains 80% of its bitcoin in cold storage, ensuring the majority of its holdings remain secure from online threats. Only smaller portions are allocated to yield-generating strategies using derivatives, consistent with the 20% cap on such activities. This allocation strategy balances security with potential return enhancement while maintaining liquidity for operational needs. Kolling indicated potential future expansion into additional strategies such as Lightning Network utilization or bitcoin-backed debt instruments, suggesting an evolving approach to treasury management that could incorporate more Bitcoin-native financial tools over time. This phased implementation demonstrates how corporations can gradually integrate bitcoin into their financial operations while maintaining robust security protocols and risk controls.
Broader Implications for Corporate Treasury Management in High-Inflation Economies
Méliuz's strategic pivot carries significant implications for corporate treasury management throughout emerging markets facing similar economic challenges. The company's experience illustrates how traditional government bonds, typically considered safe assets in developed economies, can become value-destructive in high-inflation environments with punitive tax structures. As Kolling succinctly summarized the motivation behind the shift: "Bitcoin became the escape hatch when holding fiat meant melting our treasury faster than we could build it." This assessment highlights bitcoin's potential role as a hedge against local currency depreciation and negative real interest rates—a consideration particularly relevant for corporations operating in countries with persistent inflation and volatile currencies. The Méliuz case provides a blueprint for other companies in similar economic environments considering alternative treasury assets beyond conventional fixed-income instruments.
Contextualizing Méliuz Within the Broader Bitcoin Corporate Adoption Trend
Méliuz joins a growing cohort of public companies allocating treasury reserves to bitcoin, though its approach differs significantly from earlier adopters. Unlike MicroStrategy, which has utilized corporate debt to fund substantial bitcoin acquisitions, Méliuz has avoided Brazil's prohibitively expensive borrowing costs through alternative financing methods. Similarly, while following Metaplanet's yield-generation strategy, Méliuz operates within a distinctly different economic context characterized by substantially higher interest rates and currency volatility. The Brazilian fintech serves over 30 million registered users through its cashback and financial services platform, giving its bitcoin adoption particular significance due to its extensive user base and position within Brazil's financial ecosystem. This combination of scale within its domestic market and innovative adaptation of existing bitcoin treasury models positions Méliuz as a noteworthy case study in emerging market corporate bitcoin adoption.
Conclusion: Strategic Evolution in Corporate Treasury Management
Méliuz's successful implementation of a bitcoin treasury strategy following shareholder approval represents a significant evolution in corporate finance within emerging markets. By adapting global bitcoin adoption models to Brazil's specific economic realities—particularly its high interest rates and inflationary pressures—the company has demonstrated how corporations can innovate beyond traditional treasury management approaches that have become counterproductive. The overwhelmingly positive shareholder response suggests growing recognition of bitcoin's potential role in capital preservation amid challenging economic conditions. For observers and market participants, Méliuz's experience offers valuable insights into how corporate bitcoin strategies must be tailored to local economic contexts rather than uniformly applied across jurisdictions. As more companies consider alternative treasury assets, Méliuz provides a compelling example of how careful strategy adaptation, robust risk management, and shareholder engagement can facilitate successful implementation of bitcoin treasury policies even in economically volatile environments. The coming years will reveal whether this pioneering approach enables Méliuz to achieve its fundamental objective: preserving and growing corporate value in an economic landscape where traditional options have failed to deliver.