IT Giant Globant Joins Buys $500,000 Worth of Bitcoin
The software development company, Globant, has filed documents with the SEC revealing an allocation of $500,000 in bitcoin. The firm has put the BTC investment into its portfolio of “intangible assets.”
- Globant is an IT and software development conglomerate founded in 2003 and headquartered in Argentina. It has over e dozen offices worldwide, including in the UK, the UK, Brazil, India, Mexico, Spain, and more.
- According to a recent filing with the US Securities and Exchange Commission, Globant has “purchased an aggregate of [$500,000] in crypto assets, comprised solely of bitcoin.” The allocation has happened during the first quarter of 2021.
- The filing shows that the company has listed the BTC investments into the “intangible assets” next to licenses, customer contracts, non-compete agreements, and more.
“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.” – reads the document.
- Thus, the IT giant has joined many other large corporations that put BTC on their balance sheets in recent months.
- Arguably the most pro-bitcoin company has become MicroStrategy. The NASDAQ-listed intelligence firm made its first purchase in August 2020 and has only intensified its accumulations. As of now, Michael Saylor’s company owns over 90,000 bitcoins.
- Other prominent names that followed included MassMutual and One River Asset Management. Even Elon Musk’s Tesla joined the bitcoin bandwagon by allocating $1.5 billion in January 2021.
- Despite some controversy since then, the EV-maker still holds the majority of its BTC position.