Meliuz, a Latam-based bitcoin treasury company, is accelerating its operations to accumulate as much bitcoin as possible. On Monday, Meliuz CEO Israel Salmen reported another purchase of bitcoin for the company, acquiring 275.43 bitcoin for $28.61 million, with an average price of $103,864.38 per BTC.

The purchase puts Meliuz at the forefront of bitcoin adoption in Latam, becoming the public entity holding the most bitcoin in the region. According to earlier reports, the first place was held by Mercado Libre, an e-tailer giant whose holdings are not their own, but their customers’.

Now, Salmen states Meliuz holds 595.67 bitcoin in its treasury, acquired at an average price of $102,702.84 per BTC.

In May, the company sought new funding to accelerate its treasury strategy, aiming to purchase $80 million worth of bitcoin. The operation resulted in an oversubscribed raise, which injected $32.5 million in fresh funds ready to purchase BTC.

Meliuz announced its pivot to bitcoin in May following Strategy’s playbook, and since then, it has already executed three bitcoin purchase operations, the first in March. At that time, the company tested the waters with a smaller $4 million buy.

The second purchase followed in May, when the company received support from its shareholders to jump fully into the bitcoin bandwagon. At that time, Meliuz bought 274.52 BTC for $28.4 million.

Meliuz’s moves have been received well by the Brazilian financial market. Share prices have risen by over 110% since its bitcoin pivot announcement, highlighting the relevance of such a proposal for Brazilian investors.

Another Brazilian company, Oranje, has stated that it aims to purchase nearly $210 million in BTC, but it has yet to execute this strategy.

Read more: Meliuz Purchases 274 BTC, Pioneering Bitcoin Treasury Strategy in Brazil and Latam

Read more: Latam’s Strategy Rises: Oranje Aims to Invest More Than $200 Million in Bitcoin

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