While the trend of corporations warming up to holding bitcoin as a reserve asset is starting to grow in the U.S., three unicorns in Argentina already hold bitcoin in their portfolios.
Argentina Embraces Bitcoin in Corporations: Mercado Libre, Globant, and Bitfarms Already Hold BTC
While the idea of holding bitcoin as part of cooperative reserves is relatively new in the U.S. and the world, large companies in Argentina are pioneering this move, already holding BTC in their portfolios.
The so-called “bitcoin standard” pushed by Michael Saylor, using Microstrategy as its corporate driver, is becoming popular. Companies like Semler Scientific, Genius Group, Metaplanet, and KULR are diversifying their reserves using BTC.
According to local sources, in Argentina three behemoths are also part of this trend, holding different amounts of BTC. The Argentine company that holds the most bitcoin is, unsurprisingly, Bitfarms, a BTC miner. The mining company owns nearly 870 BTC as part of its operations, even when facing 2024 full of turmoil as part of its dispute with Riot that was finally settled in September.
The company finished the year announcing the deployment of 10,000 miners in a site owned by Stronghold Digital Mining Hosting in Pennsylvania.
Read more: Bitfarms, Stronghold Digital Mining to Deploy 10,000 Miners in Pennsylvania
Mercado Libre, one of the largest e-tailers in Latam, is the second Argentine company with the most bitcoin, storing 412 BTC in its vaults. Nonetheless, CIO Richard Cathcart explained in May that these crypto funds are owned by the users of its crypto wallets, not by the company itself.
However, the company has been a trailblazer in offering crypto services in Latam, launching Meli Dolar, its stablecoin, in August. The initiative, first provided in Brazilian markets, was expanded by the company to Mexican markets in September.
Its founder and CEO Marcos Galperin is a big Bitcoin proponent, having stressed that cryptocurrencies will play a critical role in the future of people’s finances.
Read more: Wealthiest Man in Argentina Praises Bitcoin’s Strength Against Government Intervention
Finally, Globant, an IT and software engineering company, possesses 15 BTC.
However, Bitwise CIO Matt Hougan anticipates this trend to grow worldwide, with hundreds of companies purchasing bitcoin in the next months.
Read more: Bitwise CIO Predicts ‘Megatrend’ of Companies Setting up Corporate Bitcoin Treasuries
