Software developer Globant reveals purchase of $500,000 worth of bitcoin

New York Stock Exchange-listed software developer Globant, a multi-billion dollar company, joins the ever-growing list of major companies that have added bitcoin to their balance sheets.

In its recent filing to U.S. Securities and Exchange Commission, the Argentinean techno-business revealed it has its share (or shares) of purchasing the cryptocurrency although it did not say when the buy was made.

“During the first quarter of 2021, the company purchased an aggregate of USD 500,000 in crypto assets, comprised solely of bitcoin,” Globant’s filing on SEC shows.

Despite being “low-key,” the acquisition now becomes part of the company’s $8.7 billion market capitalization.

Classified as intangible asset

Globant included the amount of purchased bitcoin, which is trading at $40,470 as of press time, under the intangible assets section of its SEC filing, reaffirming its stance as far as the digital asset is concerned.

The software industry giant regards its crypto assets as indefinite-lived intangible assets, saying “Bitcoin is a cryptocurrency that is considered to be an indefinite lived intangible asset because it lacks physical form and there is no limit to its useful life.”

The company also added the leading virtual currency by market capitalization is not subjected to amortization but is tested for impairment.

Operating in silence

While some institutions have been very vocal about their purchase of bitcoin, making their business decisions public, Globant does the opposite.

The software industry powerhouse has not mentioned its now-revealed, low-key acquisition of bitcoin on any of its press releases or communications earlier this year. If not for its filing to SEC, no one would know it is holding the asset on its asset class.

Globant was founded in 2003 by three Argentinean entrepreneurs and has already expanded to the United Kingdom, North America, and Europe.

Earlier this month, it had earned rights to digital marketing strategy consultancy HABITANT, following its acquisition of cloud provider CloudShift just last March.

 

Image courtesy of Cointelegraph News/YouTube

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