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Another Multibillion Company Testing Bitcoin On Its Balance Sheet

Cryptocurrency
25.05.2021
132
Another Multibillion Company Testing Bitcoin On Its Balance Sheet

The Argentinian, New York Stock Exchange-listed software developer Globant has made a low-key bitcoin (BTC) investment, according to its latest filing to an American financial regulator, and has spent USD 500,000 from its balance sheet on the token.

In a periodic filing made to the American Securities and Exchange Commission (SEC), the firm, which provides corporate digital transformation and other IT services and has a market cap of some USD 8.7 billion, wrote:

“During the first quarter of 2021, the company purchased an aggregate of USD 500,000 in cryptoassets, comprised solely of bitcoin.”

The firm did not specify exactly when it made the purchase, or indicate how much it had paid. It made mention of the BTC purchase in the intangible assets section of its filing. However, as the filing covers the first three months of the calendar year, the buy was likely made when the token was enjoying relative stability or even growth.

Furthermore, Globant wrote:

“Globant accounts for its crypto assets as indefinite-lived intangible assets […]. 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.”

However, unlike many other global players who have sought to make their bitcoin purchases very public, Globant appears to have done the exact opposite, with no mention of the buy in its recent press releases, or communications from earlier this year.

Cryptonews.com has contacted Globant for comment.

The firm was founded in 2003 by a group of three Argentinian entrepreneurs and has since expanded to the United Kingdom, North America, Europe and has been expanding on the M&A front in recent months.

Earlier in May, the firm bought up the digital marketing strategy consultancy HABITANT, while in March it snapped up the coud provider CloudShift.

Yesterday, the firm announced that “it intends to offer and sell 1 million” common shares in an underwritten public offering.

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Author:cryptonews

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