Brazilian fintech company Méliuz has shifted its treasury strategy to Bitcoin to counteract negative returns from government bonds. The firm, which is both profitable and debt-free, faced diminishing value in its cash reserves due to high taxes and inflation. At the Blockchain Conference Brasil 2025, Diego Kolling, Head of Bitcoin Strategy at Méliuz, detailed the company's approach, which includes using derivatives and cash-secured puts to fund Bitcoin purchases. Méliuz stores 80% of its Bitcoin in cold storage, with a cap of 20% allocated to yield-generating strategies.