Multinational IT Firm Globant Buys $500,000 Worth of Bitcoin

Multinational IT and software development company Globant revealed it purchased $500,000 worth of BTC to the US Securities and Exchanges Commission (SEC) during the first quarter of 2021.

Globant Bought $500,000 worth of Bitcoin

Major IT conglomerate Globant has become the latest institutional player to go big in Bitcoin.

Filings with the U.S. Securities and Exchange Commission reveal that the firm bought the flagship cryptocurrency worth $500,000 during the first quarter of this year.

Per the statement filed to the regulatory agency, the firm stated:

“During the first quarter of 2021, the Company purchased an aggregate of ($500,000) in crypto assets, comprised solely of bitcoin.”

The company’s crypto investments were listed under “intangible assets,” alongside licenses, customer relationships, and customer contracts.

Globant considers its Bitcoin holding an intangible asset because BTC “lacks physical form and there is no limit to its useful life.” It added that any gains made on digital assets will not be revealed until they are sold.

Despite revealing the presence of Bitcoin on its balance sheet, the firm has not revealed the cost-basis paid for its BTC holding.

Founded in 2003, Globant is a software development and IT firm, operating in Argentina, Colombia, Uruguay, the United Kingdom, Brazil, the United States, Peru, India, Mexico, Chile, Spain, Romania, and Belarus.

Institutional Investors are Buying Bitcoin

Over the past few months, major institutional investors have taken up into pumping their Bitcoin bags to what can now be considered the biggest crypto bull run since 2017.

While several publicly-listed major firms have collectively purchased hundreds of millions of dollars worth of Bitcoin, retail interest in the flagship cryptocurrency too has skyrocketed with news of Tesla’s $1.5 billion Bitcoin investment.

Meanwhile, data from Bitcointreasuries suggests that six publicly-listed firms are currently under a loss on their BTC acquisitions now that the cryptocurrency has heavily retraced back from its all-time high.