Bitcoin News: Argentina’s leading fintech and e-commerce company Mercado Libre has joined other major companies that hold Bitcoin on their balance sheet. The agency announced that it purchased $ 7.8 million worth of BTC.
Buying primary cryptocurrency and adding it to their balance sheets seems to be a growing trend for many of the world’s largest companies lately. As announced earlier this year, electric vehicle giant Tesla, payment firm Square, and software company MicroStrategy were among the most well-known names to enter the Bitcoin community by purchasing substantial amounts.
The last to join the BTC caravan is Mercado Libre, Latin America’s leading e-commerce organization. The company submitted a document to the SEC showing that it purchased $ 7.8 million worth of Bitcoin in the first quarter of 2021. Mercado Libre, traded on the Nasdaq under MEDI, has a market value of over $ 76 billion.
The company explained that buying primary cryptocurrency is part of its treasury strategy:
“We bought $ 7.8 million of Bitcoin this quarter as part of our treasury strategy.”
Interestingly enough, stocks rose by more than 1% shortly after the firm announced its BTC acquisition.
Mercado Libre’s investment marks the second pro-Bitcoin approach the company has taken on in recent weeks. The company has enabled people to purchase a large number of properties, apartments, houses, townhouses, land, land and other properties in the capital Buenos Aires, as well as in major cities such as Cordoba and Santa Fe, using the primary cryptocurrency.
The e-commerce agency outlined the growing role of digital assets, especially in the Latin America region where crypto adoption is still lagging in comparison to other areas. Mercado Libre also held a webinar where it educated viewers on how to interact with cryptocurrencies efficiently. Another task of the conference was to create a crypto inspired effect on the local population.