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$8.6B IT Firm Globant Becomes the Latest Institutional Buyer of Bitcoin

According to filings with the US SEC, IT conglomerate Globant is the newest big name to join the Bitcoin bandwagon.

“During the first quarter of 2021, the Company purchased an aggregate of [$500,000] in crypto assets, comprised solely of bitcoin,” reads the company’s statement to the SEC.

The crypto investments and expenses made by the company were listed as “intangible assets,” similar to customer relationships, customer contacts, licenses, and non-compete agreements in the possession of the company.

Globant confirmed that it listed Bitcoin as an intangible asset as “it lacks physical form and there is no limit to its useful life.” The company has also declared that any gains made on digital assets won’t be recognized until they are sold.

Globant was formed in 2003 as an IT and software development company. Its most important offices are in Latin America, but it also has several in the UK and the US.

The company didn’t reveal how much it paid for the Bitcoin. But, taking into consideration the fact that the purchases were made in Q1, any Bitcoin acquired after the second week of February would now represent a loss.

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