A few days ago, Globant unveiled the $ 500,000 Bitcoin transaction and classified this operation as an “intangible asset” for investment.
Globant is a very important company based in Argentina. The Argentine company sells consulting services in digital organizations and has a relevant presence in more than 18 countries. In 2016, it confirmed its first original public offering and since then it shares the title of a unicorn with other companies such as Mercado Desenvierto, OLX, Desgajar, and Auth0.
Globant appears on the New York Stock Exchange for $ 8.7 billion. As part of the Nasdaq Credit Index, a company is required to submit its financial statements to the US Securities and Exchange Commission (SEC). In other words, the South American company must meet market criteria to keep on the public offering.
In an official document that Globant presented to the SEC in the first quarter of the year, it highlighted the transaction of $ 500,000 of Bitcoin, about 12.80 cryptocurrencies. On the other hand, the Argentine unicorn remarked that the company “exclusively” purchased Bitcoin.
Globant considers Bitcoin an Intangible Asset
Globant described the transaction this way: “Bitcoin is a cryptocurrency that is considered an intangible asset with an indefinite life because Bitcoin has no physical form and there is no cap on its useful life, Bitcoin is not subject to amortization, but is subjected to offense tests”.
If Bitcoin faces a high peak, Globant will not get to recognize profits but will acquire them if they decide to deliver the intangible asset.
The eccentric thing is that the transaction came to the public declaration in the first quarter of the year, at the same time that Mercado Desenvierto purchased 7.8 million dollars in Bitcoin. Both companies are listed on the Stock Exchange and therefore must show balance sheets to the US Securities and Exchange Commission.
In early May, Marcos Galperin’s company brought the stability data of the first quarter of the year and even disclosed a millionaire Bitcoin transaction for 7.8 million dollars.
In the document, Mercado Desenvierto clarified that the Bitcoin purchased will belong to the portfolio of intangible assets with an indefinite life. At the moment, Mercado Desenvierto did not reveal what it will do with obtained currencies.
Other Companies Have Invested in Bitcoin
This year, companies like Tesla and MicroStrategy even invested a billion dollars in the asset as they think that Bitcoin shows many similar features to gold in terms of value.
In the case of MicroStrategy, it holds a total of 91,000 BTC in its portfolio of digital assets, and all were acquired with “excess cash,” according to the CEO of the US company, Michael Saylor.
Other companies that invested in Bitcoin include Nexxon, Japanese online video game firm Seetee, a Norway-based energy company, and Chinese tech Meitu. The Bitcoin holdings of these giants exceed $ 40 million and they can even reach $ 67 million.
By: Jenson Nuñez
