12-9-2025 – Brazilian fintech Meliuz has introduced a cash-secured put options strategy to grow its Bitcoin holdings beyond the current 600 BTC, leveraging price volatility while capping risk exposure. The approach, detailed in a recent filing, involves selling put options at strike prices such as $95,000, collecting premiums if Bitcoin remains above that level at expiration, first reported by MarketScreener.
This method draws on Meliuz’s established Bitcoin treasury policy, initiated in March 2025 with initial purchases funded by up to 10% of its cash reserves. Subsequent capital raises, including a $32.4 million share offering in June, have expanded its position, positioning Bitcoin as a core asset amid Brazil’s evolving crypto landscape. To limit downside, the options are collateralized by less than 10% of operating cash, with support from unnamed professional trading partners.
The strategy aligns with global trends among firms like MicroStrategy, emphasizing Bitcoin’s long-term yield potential over traditional fixed-income holdings, though it introduces measured volatility to Meliuz’s balance sheet.
