The $ 8.6 billion global IT company emerges as the last institutional buyer of Bitcoin

Documents filed with the United States Securities Commission show this The large computer conglomerate Globant is the last large company to invest in Bitcoin.

The company stated its purchases of crypto assets in the first three months of the year in a statement to the SEC made on May 25th in which he stated:

In the first quarter of 2021, the company bought in total [$500,000] in crypto assets that consist exclusively of Bitcoin.

The company’s cryptocurrency investments and expenditures have been listed under “intangible assets”.as well as licenses, customer relationships, customer contracts and non-compete obligations of the company.

The $ 8.6 billion global IT company emerges as the last institutional buyer of Bitcoin
The $ 8.6 billion global IT company emerges as the last institutional buyer of Bitcoin

Globant claimed to be declaring Bitcoin as an intangible asset because it “lacks physical form and has unlimited useful life”.. He added that profits from digital assets are not recognized until they are sold.

Globant is an IT and software development company founded in 2003 that mainly operates in Latin Americaalthough it also has offices in the UK and the United States.

Despite disclosing the presence of Bitcoin on its balance sheet, the company has not disclosed the base costs paid for its BTC holdings.. However, since your purchases were made in the first quarter, any BTC purchases made after the second week of February would currently represent a loss.

Although numerous publicly traded companies have bought BTC in the past few months, many of them are currently under water in terms of their BTC purchases.. According to Bitcointreasuries, six publicly traded companies are currently in the red for their BTC acquisitions after Bitcoin fell back to early February price levels.

The Japanese online gaming company Nexon announced on April 28 that it would purchase $ 100 million in BTC, which would now be worth $ 67 million. Seetee, a subsidiary of Norwegian energy giant Aker, announced a $ 58.6 million purchase of Bitcoin in early March, which is currently down to $ 44.9 million. The Chinese Tech Company At Meitu, which announced a $ 49.5 million purchase of Bitcoin in March and April, the value of its cryptocurrency holdings has dropped to $ 36 million..

The financial advisor Brooker Group lost $ 2 million on its 6.6 million BTC purchasewhile the enterprise cloud platform At Phunware Inc, the value of its $ 1.5 million bitcoin holdings has fallen by a third since it was purchased.

The multinational investment firm BlackRock also appears to have lost 33% of its $ 360,000 purchase of BTC. However, the company made the stakes in March as a profit from a futures trade conducted in January, which meant BlockRock did not spend fiat money buying its cryptocurrencies.

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