BTG Pactual lifts Méliuz stake to 10.51% as Bitcoin bet drives losses

Why BTG says it is buying: The bank described the purchase as the carrying out of "financial operations" and said it has no intention of changing the company's control or management. It also said it is not chasing a specific ownership target, framing the move as an investment position rather than a takeover.

What Méliuz does: At its core, it is a cashback company. Shoppers who buy through its app at partner stores get a slice of their spending back, while retailers pay Méliuz a commission. The fintech, listed in Sao Paulo under the ticker CASH3, has widened that model into a credit card, a digital account, and shopping tools.

The Bitcoin experiment: In May 2025, shareholders approved a change to the company's corporate purpose so it could hold Bitcoin, making it Brazil's first publicly traded Bitcoin treasury company. By the end of the second quarter of 2026, Méliuz reported holding 604.7 Bitcoin, bought for about US$81.6 million.

The signal: BTG has repeatedly adjusted its position through 2025 and 2026 as Méliuz issued new shares to fund Bitcoin purchases. Whether the bank's latest buy is a vote of confidence or a trade, it ties one of Brazil's biggest financial players more closely to the country's boldest corporate crypto experiment.

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