Méliuz (CASH3) Launches Aggressive 10% Share Buyback, Links Strategy to Growing Bitcoin Treasury

Brazilian fintech Méliuz S.A. (CASH3) has approved a new, aggressive share repurchase program targeting up to 8.1 million common shares, a figure representing approximately 10% of the company’s free float on the B3 stock exchange. The move, announced shortly after the conclusion of a previous buyback, signals management’s strong conviction that the cashback and financial services provider’s stock is trading below its intrinsic value. Shares of CASH3 recently closed at R$4.59.

The decision is explicitly tied to Méliuz’s unique strategy as Brazil’s first publicly traded Bitcoin Treasury Company, which is built around maximizing what it calls "Bitcoin Yield"—the company's Bitcoin exposure per share. Management stated that the repurchase represents the best use of capital to enhance shareholder value, directly linking the initiative to the metric. The mechanism is a simple one for investors: reducing the outstanding share count effectively increases the amount of Bitcoin in the corporate treasury allocated to each share.

This is a continuation of the strategy Méliuz executed in its previous buyback, which concluded on July 20, 2026, and resulted in the cancellation of 9.1 million shares, reducing outstanding stock by 8.1%. During that period, the company noted that its Bitcoin Yield grew by 8.46%. Méliuz has accumulated its Bitcoin holdings through strategic purchases, such as the May 2025 acquisition of 274.52 BTC, and by employing a conservative derivatives strategy using cash-secured put options to generate incremental yield on its reserves. With the BRL-denominated value of Bitcoin (BTC/BRL) currently at R$330,291, the treasury forms a material and central component of the company's valuation thesis, which management seeks to re-rate through the buyback.

The focus on the Bitcoin Yield metric differentiates the CASH3 buyback from a standard corporate capital allocation decision and provides a concrete, crypto-linked lever for investors to track. For investors tracking the Brazilian stock market, the program suggests a sustained commitment to shareholder accretion via a de-risked crypto exposure model. What to watch next is the pace of the repurchase program's execution, which will be detailed in future market notices and quarterly reports, alongside the company's updated calculation of its Bitcoin Yield metric when it reports its next set of earnings.