Brazilian fintech company Méliuz announced Thursday it had allocated 10% of its cash reserves into bitcoin, becoming the first publicly traded firm in the country to adopt a bitcoin treasury strategy.

Méliuz invested $4.1 million to acquire 45.72 bitcoins at an average price of $90,926 per coin. The purchase represents roughly 10% of the company’s total cash holdings based on a new policy approved by its board of directors.

In a statement, Méliuz said the bitcoin allocation seeks “long-term returns” on the investment as part of its treasury management. The company also created a Bitcoin Strategic Committee to study expanding its strategy and making bitcoin a primary…

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