BTG Pactual Increases Stake in Méliuz as Fintech Adopts Bitcoin Treasury
The Brazilian investment bank has expanded its equity in Méliuz as the cashback firm raises millions to acquire Bitcoin.
BTG Pactual has significantly expanded its equity position in Méliuz, the Brazilian cashback and financial services provider. The move comes as Méliuz aggressively pivots its business model to integrate Bitcoin into its corporate treasury.
According to financial reports, BTG Pactual's stake in Méliuz reached 14.58% of common equity as of July 17, 2026, with the bank maintaining additional notional exposure through derivatives. To fund its new cryptocurrency strategy, Méliuz executed a follow-on offering of 25,506,803 common shares. This capital raise generated approximately R$180.08 million (US$32.39 million), funds that the company has earmarked specifically for the purchase of Bitcoin. BTG Pactual served as the global coordinator and placement agent for the offering.
A Strategic Pivot
Méliuz, which built its reputation as a leading cashback platform, has faced significant headwinds in recent years, including struggles with profitability and a declining share price. In an effort to stabilize and reinvent its value proposition, the company amended its corporate purpose in May 2025. This legal change was designed to permit direct Bitcoin investments, with the explicit goal of becoming the first publicly traded company in Brazil to operate a Bitcoin treasury.
Institutional Risk and Reward
This shift represents a high-stakes gamble, transitioning a traditional fintech operation into a vehicle for cryptocurrency exposure. By backing the move, BTG Pactual is providing critical institutional legitimacy to the pivot. However, this alignment also ties the investment bank's portfolio performance to the inherent volatility of the crypto market. While the institutional backing suggests confidence in the long-term recovery of the stock, the strategy exposes both the company and its primary investor to the sharp price swings characteristic of digital assets.
Market Outlook
Industry observers are now watching whether a Bitcoin-backed treasury can offset the operational losses Méliuz has experienced in its core cashback business. While some analysts have suggested significant potential upside for the shares following this strategy, such projections remain speculative. The primary focus for investors remains whether this treasury model can create sustainable shareholder value or if it simply adds a layer of speculative risk to an already volatile financial services company.