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Largest Latin American eCommerce platform adds $7.8M Bitcoin to its treasury

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Mercado Libre, the biggest e-commerce platform in Latin America, has introduced to the U.S. Securities and Change Fee (SEC) that it acquired $7.8 million in Bitcoin within the first quarter of 2021. It said within the report:

“As part of our treasury strategy this quarter we purchased $7.8 million in Bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets”.

The acquisition makes the Argentinean firm the primary giant Latin American firm to purchase Bitcoin for its treasury and sees it be part of an unique membership of firms corresponding to MicroStrategy and Tesla, which have beforehand introduced to the authorities the holding of BTC inside their belongings.

Simply final week main Japanese recreation developer Nexon introduced it had bought 1,717 BTC for it is steadiness sheet at a price of roughly $100 million. Mercado Libre’s announcement makes it the thirty sixth publicly listed firm to maintain Bitcoin in accordance to Bitcoin Treasuries. Mercado Libre trades on Nasdaq as MELI.

Mercado Libre’s wager on Bitcoin

Past the formal announcement, the connection of the favored eCommerce portal with Bitcoin shouldn’t be new. As beforehand reported by Cointelegraph en Español, on the finish of April it enabled the usage of Bitcoin for his or her actual property verticals within the Argentine market.

As well as, Marcos Galperín, founder and former CEO of Mercado Libre, has already introduced publicly on a number of events that he has owned Bitcoin in his private portfolio since 2013, and has additionally expressed quite a lot of bullish opinions concerning the cryptocurrency ecosystem in Latin America, even stating that he noticed Bitcoin as a greater retailer of worth than gold.

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