Latin American e-commerce giant MercadoLibre discloses treasury bitcoin buy
May 5, 2021, 4:29PM EDT
1 min read
MercadoLibre, the Latin American e-commerce and fintech company, said in a Wednesday regulatory filing that it now holds bitcoin on its balance sheet.
Per a press statement announcing its first-quarter results for 2021, the firm said that "[a]s 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 exact timing of the purchase is unclear, though the financial results cover the first quarter ending March 31, 2021.
By doing so, the firm becomes the latest publicly-traded company to add bitcoin to its balance sheet. Others include automaker Tesla and payments firm Square.
MercadoLibre, which trades on Nasdaq under the ticker MEDI, has a market capitalization of more than $76 billion.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
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