Priced at Zero: How Brazil’s Méliuz Turned to Bitcoin to Escape a Treasury Trap

Brazilian fintech firm Méliuz, despite being profitable and debt-free, found its cash parked in government bonds was losing value due to high inflation and taxes, effectively valuing the company at zero when excluding cash. To combat this "confiscation" caused by Brazil's high benchmark interest rates (near 22% for private borrowing), Méliuz pivoted to holding Bitcoin as a treasury asset, a move overwhelmingly supported by its shareholders (66% participation). Unlike peers using cheap debt, Méliuz financed its shift through share issuance and strategies inspired by Japan's Metaplanet, including selling cash-secured puts to generate yield on capital designated for BTC purchases. The primary motivation is survival, as holding fiat meant their treasury was melting away; Bitcoin became their "escape hatch."

(Source：CoinDesk)