Cryptocurrency News

$ 8.6B IT firm Globant revealed as bitcoin’s latest institutional buyer

Filing with the US Securities and Exchange Commission shows that leading IT group Globant has become the latest large firm to invest in bitcoin.

company Declared In a statement to the SEC on 25 May, its crypto asset purchases for the first three months of the year:

“During the first quarter of 2021, the company total [$500,000] In crypto assets, only bitcoin is included. “

The company’s cryptocurrency investments and expenses were listed in its “intangible assets”, along with licenses, customer relationships, customer contracts and non-compete agreements the company had.

Globant said it declared bitcoin as an intangible asset because it “lacks a physical form and has no limit to its useful life.” It states that any profit made on digital assets will not be recognized until they are sold.

Globant is an IT and software development company established in 2003 that primarily operates in Latin America, but also has offices in the UK and the US

Despite disclosing the presence of bitcoin on its balance sheet, the firm has not disclosed the cost-basis paid for its BTC stash. However, with its purchase in the first quarter, any BTC purchase made from the second week of February will currently incur losses.

While many publicly traded companies have purchased BTC in recent months, many are currently underwater on their BTC purchases. According to Bitcoin treasury, Six publicly listed companies are currently red on their BTC acquisition, as bitcoin has returned to its early price level in February.

Japanese online gaming firm Nexon announced its $ 100 million BTC purchase on April 28, with Bitcoin now priced at $ 67 million. Siti, a subsidiary of Norwegian energy giant Aker, disclosed a $ 58.6 million bitcoin purchase in early March, which has been reduced to $ 44.9 million today. Chinese tech company Meitu, who announced $ 49.5 million purchase in bitcoin During March and April, the value of its crypto holdings decreased to $ 36 million.

Financial consulting firm Brooker Group is also down $ 2 million on a $ 6.6 million BTC purchase, while enterprise cloud platform Funware Inc. has seen a one-third drop in the value of the $ 1.5 million bitcoin stash since the purchase.

Multinational investment firm Blackrock has also lost 33% of its $ 360,000 BTC acquisition. However, the firm acquired this position in March: Profit from forward trading It entered in January, meaning that BlockRock did not incur any legal costs to deposit its crypto.