MercadoLibre Mentions Bitcoin in Q1 Earnings Report

MercadoLibre, a famous crypto company based in Argentina that operates marketplaces across South America, mentioned the world’s most famous crypto-token in its first-quarter earnings report.

In its Form 8-K submitted with the American SEC, the company said that its total earnings were $9.5 million before government tax, a significant surge from a $16.7 million loss recorded in last year’s first quarter. In a statement, the company said,

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.

It comes a week after the South American company announced that it had updated its Argentinian website, making it possible for clients to see a list of properties across the country that can be purchased using Bitcoin.

Interestingly, it is not the first company to do so; following Tesla’s pattern, many other major firms jumped on the crypto bandwagon as the market continues to rise to new heights. Plus, this surge in activity comes despite growing uncertainty around regulating the decentralized market and concerns over sustainability costs and volatility.

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