2021-5-26 18:58 |
Globant Joins the ‘Bitcoin Express’
In a detailed financial statement forwarded to the Securities and Exchange Commission (SEC), Globant said that it has been making crypto investments for some time now. The IT firm has invested an aggregate of $500,000 for the first quarter of 2021 in cryptocurrencies. This investment was solely spent on Bitcoin.
The multinational tech company founded in 2003 said that it considered Bitcoin an intangible asset due to its lack of a physical form and the limitlessness of its useful life.
Globant S.A has categorized cryptocurrencies alongside its intangible assets like licenses, customer relationships, customer contracts, and non-compete agreements.
Globant S.A is not the first software company looking to diversify its investment portfolio. MicroStrategy’s Michael Saylor has long converted the software firm’s cash reserves to Bitcoin.
According to Saylor, Bitcoin is a better store of value than gold, given its hard-cap limit on the number of coins that will ever be mined (21 million to be exact).
This has seen the US firm commit a large portion of its cash reserves to cryptocurrencies, and it currently sits at the top of companies with BTC exposure with 92,079 BTC purchased so far.
BTC Market Crash Affects Institutional InvestorsCrypto investors are still licking their wounds following a severe market correction that saw the market shed almost $300 billion. Despite Bitcoin rising almost 90% in Q1 2021 alone, breaking through resistance levels of $65,000, the asset has crashed almost 50%, trading below $32,000 in one week.
Following regulatory clampdown in China and pointed criticism on how each Bitcoin is mined, the premier digital asset suffered a huge shock spilling about $500 billion in the process.
Institutional investors like Globant S.A with Bitcoin on their balance sheets have also not fared well. Some have even seen their investments erode following the massive selloffs occasioned by the crackdown by China.
Data published by Bitcoin Treasuries revealed that some investors holding Bitcoin in their treasuries are treading in the red zone, as the value of their holdings plummets. One prime example of such investors is BlackRock which has seen its initial stake drop from $360,000 to $227,825. Another is Chinese photo app company Meitu which has lost 10% of its investment.
Some others have also gained, crypto mining company Riot blockchain and Voyager Digital Ltd posting 5.8 times the value they initially deposited.
The most affected have been investors who made the transition to crypto in 2021.
Bitcoin/USD BTCUSD 38,385.7194 -$153.54 -0.40% Volume 55.88 b Change -$153.54 Open$38,385.7194 Circulating 18.72 m Market Cap 718.52 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Latin America IT Giant Globant S.A Stakes 0,000 In BTC Investment first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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