Mercado Livre announces purchase of R $ 40 million in bitcoin

Charlie Taylor

Latin American digital trading company Mercado Livre said in a regulatory document on Wednesday that it now holds bitcoin on its balance sheet. According to a press release announcing its results for the first quarter of 2022, the company said that “Part of our treasury strategy this quarter, we bought $ 7.8 million in bitcoin, a digital asset that we are disclosing in our intangible assets of indefinite duration.” The exact timing of the purchase is unclear, although the financial results cover the first quarter ended March 31, 2022. In real terms, the amount invested by the Argentine company amounts to approximately 40 million. In doing so, the company becomes the latest publicly traded company to add bitcoin to its balance sheet. The long list includes automaker Tesla and payments company Square.

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The Free Market, which is traded on Nasdaq under the MEDI ticker, has a market capitalization of more than $ 76 billion. In Argentina, where it is known as MercadoLibre, the company has already started to implement bitcoin as a form of payments for real estate.

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