Brazilian fintech firm Meliuz (CASH3) plans to raise R180.08 million ($32.4 million) through an equity offering, according to a filing.

The funding is earmarked specifically for the purchase of bitcoin, aligning with the company’s recent strategic shift to incorporate bitcoin into its balance sheet.

The offering, priced at R7.06 ($1.27) per share, was about 5% less than Meliuz’s closing price of R7.43 on Thursday. The stock has fallen more than 5% in today's trading.

BTG Pactual served as the book-runner for the deal, according to the filing.

Earlier this year, Meliuz announced that the company plans to raise $78 million in equity to become “the first bitcoin treasury company” in Brazil.

The fintech company, which calls itself "3rd fastest growing shopping App in Brazil," boasts about 41 million loyal users as of the first quarter of this year, according to a presentation. The company currently has a market cap of ‪R647.08M‬ ($116.5M), according to TradingView data.