Brazilian fintech Méliuz (CASH3), which serves more than 30 million customers, has announced plans to raise up to R$450 million (around $78 million) through a public share offering. The proceeds will be entirely used to purchase bitcoin, reinforcing the cryptocurrency as a key asset in the company’s treasury.

The offering, disclosed on Friday in a regulatory filing, includes an initial issuance of 17 million common shares with an option to increase to 51 million shares based on investor demand. The shares will be sold exclusively to professional investors in Brazil and abroad under automatic registration rules.

Each share will come with free subscription warrants split into 10 series, enabling investors to buy additional shares at fixed prices later on. While Méliuz expects to raise roughly $26 million at current prices, that amount could triple if the overallotment options are exercised.

Investors will receive 50.6 million warrants, potentially rising to 152 million warrants if the maximum subscription is reached.

Méliuz aims to position bitcoin as a “primary strategic asset” by dedicating all funds from the offering to BTC purchases. The company previously revealed that 10% of its cash reserves were already allocated to bitcoin as of March.

Warrant trading is set to begin on June 16, with share settlement and crediting scheduled for June 18.

Méliuz currently holds 320.2 BTC. Its shares declined over 8% following the announcement on Friday.