Another Multibillion Company Testing Bitcoin On Its Balance Sheet

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Source: Adobe/Leonid

The Argentinian, New York Stock Exchange-listed software developer Globant has made a low-key bitcoin (BTC) investment, according to its latest filing to an American financial regulator, and has spent USD 500,000 from its balance sheet on the token.

In a periodic filing made to the American Securities and Exchange Commission (SEC), the firm, which provides corporate digital transformation and other IT services and has a market cap of some USD 8.7 billion, wrote:

“During the first quarter of 2021, the company purchased an aggregate of USD 500,000 in cryptoassets, comprised solely of bitcoin.”

The firm did not specify exactly when it made the purchase, or indicate how much it had paid. It made mention of the BTC purchase in the intangible assets section of its filing. However, as the filing covers the first three months of the calendar year, the buy was likely made when the token was enjoying relative stability or even growth.

Furthermore, Globant wrote:

“Globant accounts for its crypto assets as indefinite-lived intangible assets […]. Bitcoin is a cryptocurrency that is considered to be an indefinite lived intangible asset because bitcoin lacks physical form and there is no limit to its useful life, bitcoin is not subject to amortization but it is tested for impairment.”

However, unlike many other global players who have sought to make their bitcoin purchases very public, Globant appears to have done the exact opposite, with no mention of the buy in its recent press releases, or communications from earlier this year.

Cryptonews.com has contacted Globant for comment.

The firm was founded in 2003 by a group of three Argentinian entrepreneurs and has since expanded to the United Kingdom, North America, Europe and has been expanding on the M&A front in recent months.

Earlier in May, the firm bought up the digital marketing strategy consultancy HABITANT, while in March it snapped up the coud provider CloudShift.

Yesterday, the firm announced that “it intends to offer and sell 1 million” common shares in an underwritten public offering.

At 08:18 UTC, BTC trades at USD 38,679 and is up by 5% in a day, trimming its weekly losses to 11%.
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Learn more:
– Bitcoin Dominance Rises Again As Funds Are Buying The Dip
– Weeks Of Sideways Trading Ahead as Bitcoin Newbies Panic Selling to Hodlers

– Fundstrat’s Tom Lee Boosts Bitcoin Target 25% Despite Musk’s Criticism
– Bitcoin May Double This Year Despite Energy Concerns – Pantera CEO

– Traders Rotate From Bitcoin To Alts, While JPMorgan Sees Ether As Overvalued
– If History Rhymes, ETH Might Hit USD 19K; Downside Risk Stronger Than BTC’s

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. AllStocksNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Owen Mayhttps://allstocksnews.com
Owen May is the editor-in-chief of AllStocksNews. He has a master's in economics and you will find him covering various topics.

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