Analysts still see with caution the allocation of 10% of the cashier Méliuz () em Bitcoin announced this Thursday (6). Reports published after the announcement raise fear on the company’s strategic consistency and the volatility which can be caused by exposure to crypto, in unprecedented motion in the Brazilian market.
An analysis published by XP warns of a cash policy disconnection with the company’s operational objectives, “creating uncertainties about its effectiveness and raising questions about the company’s ability to reinvest its cash generation in its main activities.”
For UBS, the strategy, if successful, can differentiate Méliuz by attracting investors interested in cryptocurrencies. “On the other hand, it could create more volatility in the results,” says an investment bank post.
The company approved in the meeting a change in its liquidity management policy, which is now renamed financial investment policy, which allowed the application of up to 10% of the total cash in Bitcoin. US $ 4.1 million were purchased at bitcoins at an average price of US $ 90,296.11, equivalent to 45.72 units of the asset.
As a relevant fact, he said that Bitcoin is its main strategic treasury asset, although it evaluates the movement as complementary to the operation, “which will continue to grow, generate cash and value for our more than 35 million users.”
Microstrategy (MSTR) is the most emblematic international example of a company that has adopted Bitcoin as an investment strategy. .
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In Brazil, Méliuz is the first company listed at B3 to take the crypto path. Even the exhibition of the treasury to less risky assets, such as actions, is rare in Brazil, and companies prefer to invest in assets linked to the Interbancal Deposit Certificate (CDI), such as the CDB. In riskier cases, second -line bank CDBs.
“We recognize that Bitcoin can evolve as a value reserve in the future, which can justify this allocation if the strategy is better aligned with the company’s operations,” said XP in its analysis.
Until 4 pm on Tuesday, the company’s shares valued close to 20%after.
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