Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Méliuz was born as Brazil’s cashback-and-coupons app in 2011 and grew into a platform that sits between 35 million shoppers and hundreds of retailers. In 2025 it added an entirely different ambition: to become Latin America’s first public Bitcoin treasury company.
| Full name | Méliuz S.A. |
| Ticker / exchange | CASH3 — B3 (São Paulo) |
| Headquarters | São Bernardo do Campo, São Paulo, Brazil |
| Sector | Internet Content & Information / Fintech |
| Employees | 231 |
| Market value (market cap) | R$465m (~$90.6m USD) |
| Yearly sales (revenue, FY2025) | R$460m (~$89.6m USD) |
| Net profit (FY2025) | –R$0.6m (~–$121k USD) — near breakeven |
| Net margin (TTM, EODHD) | –14.8% (losses driven by prior impairments; FY2025 annual near zero) |
| Return on equity (ROE) | –17.5% (TTM; improving trajectory) |
| Price-to-earnings (P/E) | Not applicable — bottom-line near zero |
| Dividend yield | None currently (last cash return to shareholders: capital reductions in 2024) |
| Net cash | R$72.9m (~$14.2m USD) — no debt reported (our calculation) |
| Website | meliuz.com.br | ri.meliuz.com.br |
What it is
Méliuz is a Brazilian consumer finance and shopping company best known for its cashback and coupon platform, helping people save money when they shop online or in stores by directing them to partner retailers and returning part of the purchase value as cash. The company’s platform spans a website, a mobile application, and a browser extension for Chrome and Firefox.
Méliuz earns mainly from commissions and referral fees paid by retailers, banks, and other partners when users shop or open financial products; it also earns through advertising and commerce-related services tied to traffic and customer acquisition. By the third quarter of 2024 the platform had reached 35.6 million accounts opened.
Who owns it
Israel Salmen and Ofli Guimarães founded Méliuz on 12 September 2011. Insiders collectively hold about 30.8% of shares, and institutional investors another 39.1%, leaving roughly 30% as free float — according to EODHD data.
The exact split between the two founders is not broken out in available public disclosures.
In early 2025 Méliuz became the first publicly traded company in Latin America to formally adopt a Bitcoin treasury strategy, receiving shareholder approval to allocate cash reserves toward Bitcoin accumulation. To fund it, the company raised BRL 180 million (US$35 mn) (~$35m) in a follow-on share offering.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
+0.08%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 64,181 | +0.08% | -45.38% | 64,127 | 64,214 | 63,965 | 22,000,609,280 |
| ETH | 1,799 | +0.16% | -39.19% | 1,796 | 1,801 | 1,788 | 7,949,378,048 |
| SOL | 78.01 | -0.07% | -52.11% | 78.07 | 78.06 | 77.53 | 1,938,825,088 |
| XRP | 1.11 | +0.25% | -59.53% | 1.10 | 1.11 | 1.10 | 963,789,504 |
| BNB | 575.92 | +0.15% | -16.52% | 575.03 | 575.92 | 573.32 | 988,053,312 |
| ADA | 0.17 | +0.29% | -76.50% | 0.17 | 0.17 | 0.17 | 245,416,112 |
| DOGE | 0.07 | +0.41% | -63.04% | 0.07 | 0.07 | 0.07 | 426,643,488 |
| AVAX | 6.70 | -0.55% | -67.62% | 6.74 | 6.74 | 6.70 | 172,717,392 |
| LINK | 7.99 | +0.28% | -47.81% | 7.96 | 8.01 | 7.95 | 193,481,360 |
| DOT | 0.88 | -0.05% | -77.64% | 0.88 | 0.88 | 0.87 | 121,150,472 |
| LTC | 44.95 | +0.44% | -52.31% | 44.75 | 45.03 | 44.62 | 169,644,464 |
| BCH | 244.53 | -0.30% | -54.02% | 245.26 | 245.76 | 243.68 | 134,757,600 |
| TRX | 0.33 | -0.12% | +9.60% | 0.33 | 0.33 | 0.33 | 409,075,328 |
| XLM | 0.19 | +0.00% | -47.02% | 0.19 | 0.19 | 0.19 | 168,134,784 |
| HBAR | 0.07 | +0.27% | -63.64% | 0.07 | 0.07 | 0.07 | 58,584,276 |
| NEAR | 1.89 | -0.14% | -24.66% | 1.89 | 1.92 | 1.89 | 148,788,720 |
| ATOM | 1.59 | +0.16% | -65.80% | 1.59 | 1.61 | 1.59 | 19,792,110 |
| AAVE | 95.26 | -0.50% | -67.99% | 95.74 | 95.74 | 94.50 | 276,789,152 |
Who runs it
Founder Israel Salmen stepped down as CEO in November 2024 to become Chairman of the Board; Gabriel Loures, who joined Méliuz in 2018 and led growth, strategy, and new businesses, took over as CEO. The CFO and director is Michelle Meirelles Ferreira Costa; Marcio Loures Penna serves as investor-relations officer and director.
At the Q1 2025 earnings call, Salmen described himself as founder and Chairman of the Board of Directors, while Loures led the operational presentation as CEO. The transition keeps the founder’s strategic influence intact while putting a growth-focused operator in the day-to-day seat.
The money, in plain words
Revenue has accelerated sharply: from R$327m (US$64 mn) in 2023 to R$365m (US$71 mn) in 2024 and R$460m (US$90 mn) in 2025 — a 41% rise in two years (our calculation). The gross margin — how much is left after paying out cashback and direct costs — climbed from 22.7% in 2023 to 34.2% in 2025 (our calculation), showing the platform’s growing pricing power with partners.
The bottom line is close to zero but still negative: FY2025 net income was –R$0.6m (~–$121k USD), dramatically better than –R$18.6m (US$4 mn) in 2023. In Q3 2025 alone, operating profit (measured as EBITDA, earnings before interest, tax, depreciation and amortisation) tripled, rising 258% year on year.
The balance sheet is clean — R$72.9m (US$14 mn) in net cash (~$14.2m), no reported debt — and equity stands at R$511m (US$99 mn) (~$99.4m), so the business is solvent and self-funded (our calculation).
What it is doing now
In March 2025 Méliuz’s board approved a treasury strategy allowing up to 10% of cash to be held in Bitcoin; the company simultaneously purchased 45.72 BTC for about $4.1 million as its opening position. By late 2025 its Bitcoin holding had grown to 604.7 BTC on the balance sheet.
In Q3 2025 Méliuz reported 37% year-on-year revenue growth, surpassed one million new accounts opened in a single month, and ranked consistently among the five most-downloaded shopping apps in Brazil. New revenue lines — Méliuz Prime, Méliuz Ads, and Méliuz For Brands — drove further diversification, with non-core Shopping Brazil lines up 172%.
What to watch
- Bitcoin volatility on the balance sheet. The company’s strategy to invest in Bitcoin introduces cryptocurrency-price risk; the current allocation is BRL 9.2m (US$2 mn). As holdings grow, mark-to-market swings will directly affect reported profits.
- Financial-services revenue. Net revenue from financial services fell 40% in Q3 2025 due to renegotiations with partner BV Bank — a material headwind that management must resolve to sustain overall growth.
- Path to sustained profitability. The operating line turned positive (operating income R$75.8m (US$15 mn) in FY2025) but after-tax net income remains near zero; investors need to see consistent bottom-line profits, not just operating leverage.
- Shareholder structure in flux. The company’s IR page posted two material-shareholding notices in July 2026 alone, signalling active ownership changes worth tracking closely.
Sources
- Méliuz Investor Relations portal — ri.meliuz.com.br (official IR page, ownership disclosures, material facts July 2026)
- Alpha Spread — CASH3 Q1-2025 Earnings Call transcript (leadership confirmation, Bitcoin strategy announcement)
- Alpha Spread — CASH3 Q2-2025 Earnings Call transcript (revenue, EBITDA, Bitcoin yield data)
- Yahoo Finance — Méliuz Q3 2025 Earnings Call Highlights (Q3 revenue growth, Bitcoin allocation, app ranking)
- Reuters / TradingView — Méliuz Bitcoin treasury strategy filing, March 2025
- Finance News BR — Gabriel Loures named CEO, November 2024
- The Block — Méliuz Bitcoin treasury company profile
- Market data: EODHD.
This is news, not investment advice.
Read More from The Rio Times