Mercado Libre, the largest e-commerce platform in Latin America, announced to the US Securities and Exchange Commission that it had acquired $ 7.8 million in Bitcoin in the first quarter of 2021. The report states:
“As part of our treasury strategy, this quarter we purchased $ 7.8 million worth of Bitcoin, a digital asset that we disclose in our indefinite-life intangible assets.”
The purchase makes the Argentine company the first major Latin American company to acquire Bitcoin for its treasury and joins an exclusive club of companies like MicroStrategy and Tesla, which authorities previously announced they would hold BTC in their fortunes.
Just last week, major Japanese game developer Nexon announced it had bought 1,717 BTC for its balance sheet at around $ 100 million. Mercado Libre’s announcement makes it the 36th publicly traded company to hold Bitcoin, according to Bitcoin Treasuries. Mercado Libre trades on Nasdaq as MELI.
Mercado Libre relies on Bitcoin
Beyond the formal announcement, the popular e-commerce portal’s relationship with Bitcoin isn’t new. As previously reported by Cointelegraph en Español, it enabled the use of Bitcoin for their real estate industries in the Argentine market at the end of April.
In addition, Marcos Galperín, founder and former CEO of Mercado Libre, has publicly announced several times that he has owned Bitcoin in his personal portfolio since 2013 and has expressed a number of optimistic opinions about the cryptocurrency ecosystem in Latin America. He even stated that Bitcoin is a better store of value than gold.