IT firm Globant, a software developer, has invested 500,000 in Bitcoins. The firm’s records filed with the US Securities and Exchange Commission revealed this.
Globant, a Latin American company with a market capitalization of $8.7 billion, was established in 2003 and is listed on the New York Stock Exchange. They have offices in the United Kingdom and the United States, despite having their headquarters in Buenos Aires.
In the first quarter of this year, the firm disclosed data to the US regulator on the acquisition of cryptocurrency properties, becoming the last major player on the list of institutions that have already invested in the most famous cryptocurrency market. Globant, unlike MicroStrategy, opted not to reveal the price at which it acquired Bitcoins. However, given the current exchange rate and the fact that the transaction was made in the first quarter of 2021, any amount of BTC purchased after mid-February became unprofitable for the company.
Globant labeled BTC as intangible assets with an infinite existence in an SEC article, clarifying that the most common cryptocurrency has no physical nature and is not subject to amortization but can be checked for depreciation.