The Form Filling with US Securities and Exchange Commission shows that leading IT company Globant became the latest institution to invest in bitcoin. During the first quarter of 2021, Globant purchased $500K worth of bitcoin.
In a statement with SEC on May 25, the company announced its crypto-asset purchase for the Q1 of the year. “During the first Quarter of 2021, the Company purchased an aggregate of $5000,000 in crypto assets, comprised solely of bitcoin”.
Company listed cryptocurrency investment and expenses in “Intangible asset” along with licenses, customer relationship, and customer contracts in company possession.
Globant declared bitcoin as an “Intangible asset” because it “lacks a physical form and has no limit to its useful life”. It also said that it would not recognize any profit made on digital assets until they sell them.
Globant declared that bitcoin is an “Intangible asset” because it “lacks a physical form and has no limit to its useful life.” It also said that it would not recognize any profit made on digital assets until they are sold.
On its Balance sheet, the company has not uncovered the cost basis paid for its BTC stash. However, its purchase in first-quarter BTC purchases made from the second week of February will cause losses. Numerous traded companies purchased BTC in recent months, and many companies submerged in their BTC purchase.
Chinese tech company Meitu announced a total of $100 million in BTC and ETH purchases during April and seen the value of its holding to $36 million. Another Nexon Japanese gaming company announced its $100 Million BTC purchase in April with BTC now it’s worth $67 million. The financial firm broker group is also losing $2 Million on its $6.6 million BTC purchase.