Globant said it declares Bitcoin as an intangible asset
Filings with the SEC reveal that major IT conglomerate Globant has invested half a million dollars in Bitcoin. This makes it the latest major company to invest in the digital asset.Globant stated that it declares Bitcoin as an intangible asset because it "lacks physical form and there is no limit to its useful life." It added that any profits made on digital assets will not be recognized until they are sold.
Although the company reported the presence of Bitcoin on its balance sheet, it did not disclose the cost basis it paid for its BTC supply. Any BTC purchases made from the second week of February onwards would currently be sitting at a loss.
What kind of company is Globant?
Globant is a software solutions company. The company provides engineering, design, and innovation services to clients around the world. The company was founded in 2003 and is worth $8.6 billion.
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