Globant, one of the big four tech firms in Argentina, has quietly made its first foray into the world of cryptocurrency investing, according to its latest filing to the SEC. The firm bought bitcoin during the first three months of this year, and is now part of a select number of LATAM unicorns that have taken the approach of putting some of its value in crypto assets.
Globant Invests in Cryptocurrency
Globant, a software tech giant unicorn based in Argentina, has joined a select group of companies that are currently invested in cryptocurrencies, according to its latest filing to the SEC. The company, founded in 2003, reported the purchase of $500,000 in bitcoin (BTC) during the first quarter of 2021 (Q1). A small sum for a company with a valuation of more than $6.5 billion and listed on the New York Stock Exchange (NYSE).
Globant listed the bitcoin company as part of its intangible assets, saying 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.
The filing states Globant purchased the aforementioned worth of bitcoin, but doesn’t specify the number of bitcoins that were purchased or the price the company paid for them. However, the filing does clarify that Globant will recognize…
