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Largest eCommerce platform from Latin America adds $7.8M Bitcoin to the treasury

  • Posted On - 2021-05-06 06:41:44

The largest e-commerce sector from Latin America, Mercado Libre announced that it has acquired $7.8 million in Bitcoin in the first quarter of 2021. 

The report from the e-commerce giant to the U.S. Securities and Exchange Commission (SEC) stated:

“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.”

This purchase put the company first in Latin American companies to acquire Bitcoin for its treasury and join the “exclusive club of adopting bitcoin” along with MicroStrategy and Tesla.

Last week, major Japanese gaming company Nexon announced it has bought $100 million worth of bitcoin (1,717 BTC) for its balance sheet. 

According to Bitcoin Treasuries, Argentinian eCommerce giant Mercado Libre's announcement made it the 36th publicly listed company to purchase Bitcoin.

Although Mercado Libre’s relationship with Bitcoin is not new as at the end of April, it enabled Bitcoin for their real estate verticals in the Argentine market.

In addition, the founder and former CEO of Mercado Libre, Marcos Galperín has disclosed several times that he is holding Bitcoin in his personal portfolio since 2013, and has also expressed a variety of bullish opinions regarding the cryptocurrency ecosystem in Latin America, even stating that he saw Bitcoin as a better store of value than gold.