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Globant IT Firm Unveils Its $500K BTC Purchase to the SEC

Globant IT Firm Unveils Its $500K BTC Purchase to the SEC
  • Globant IT firm has disclosed its $500,000 worth of BTC brought to the US SEC.
  • Globant purchased its $500K worth of BTC within the Q1 of 2021.

Heavyweight IT firm Globant has unveiled to the US Securities and Exchanges Commission (SEC) that it purchased a whopping amount of Bitcoin worth $500,000. According to Globant, they bought the said amount of BTC in the Q1 of 2021.

Of note, the Globant company eventually disclosed its BTC to the SEC in a statement today. Moreover, despite Globant BTC disclosure on its balance sheet, the company never tells the cost-basis of its paid Bitcoin stash.

Citing from the statement filed to the SEC, Globant said,

During the first quarter of 2021, the Company purchased an aggregate of [$500,000] in crypto assets, comprised solely of bitcoin.

Also, Globant crypto investments expenses were mainly categorized based on its “intangible assets”, licenses, customer relationships, and customer contracts.

What is more, Globant said that it unveiled its Bitcoin holding mainly as an intangible asset because BTC “lacks physical form and there is no limit to its useful life.” In addition, Globant again said that they will not reveal their profits on any digital assets until they are sold.

Furthermore, Globant is a software development and IT firm launched in 2013. It operates largely within Latin America, U.K, and US to be precise.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.