South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet

Mercado Libre – the leading fintech and e-commerce company in Argentina – has joined other large corporations in holding BTC on its balance sheet. The institution revealed it purchased $7.8M worth of the cryptocurrency.

Another Company to Buy BTC

Purchasing the primary cryptocurrency and adding it to their balance sheets seems like a growing trend for many of the world’s largest companies lately. As revealed earlier this year, the electric vehicle giant Tesla, the payment firm Square, and the software company MicroStrategy were among the most recognizable names to enter the Bitcoin community by buying considerable amounts.

The latest to join the BTC bandwagon is the leading e-commerce organization in Latin America – Mercado Libre. The company filed a document with the SEC showing it has bought bitcoin worth $7.8 million in the first quarter of 2021. Mercado Libre, which trades under the initial of MEDI on Nasdaq, has a market capitalization of more than $76 billion.

The company revealed that buying portions of the primary cryptocurrency is part of its treasury strategy:

”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.”

Interestingly enough, soon after the firm revealed the BTC purchase, its stocks increased by more than 1%.

Mercado Libre’s BTC Endeavors

Mercado Libre’s investment marks the second pro-bitcoin approach undertaken by the company in recent weeks. As CryptoPotato reported last week, the company enabled people to buy numerous properties, apartments, houses, townhouses, lots, land, and other estates in the capital Buenos Aires alongside major cities such as Cordoba and Santa Fe using the primary cryptocurrency.

Moreover, the e-commerce institution outlined the growing role of digital assets and especially in the Latin America region where crypto adoption still falls behind compared to other areas. Mercado Libre also organized a webinar in which it educated viewers on how to efficiently interact with cryptocurrencies. Another mission of the conference was to create a crypto inspiration effect on the local residents.