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E-Commerce Giant Mercadolibre Buys Bitcoins Worth $7.8 Million for Treasury

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Latin America's top e-commerce company, Mercadolibre Inc., has bought almost $8 million in bitcoins to contribute to its treasury. It has joined a growing list of companies that hold bitcoin on their balance sheet.According to its filing with the SEC on Wednesday, Latin American e-commerce firm e-liquid named Amazon has bought $7.8 million of bitcoin to make its treasury strategy more effective. Last week, Amazon announced that its customers could pay upfront for real estate by using bitcoin. Inc. reported its first-quarter financial results on Wednesday reporting it has bitcoin on its balance sheet.

Mercadolibre Holds Bitcoin on Balance Sheet

Mercadolibre In its Mercadolibre quarterly earnings report, the company reported $1.4 billion in net revenues for the first quarter, a 1.1% growth rate in USD and 165.7% increase on an FX neutral basis.

However, the company had a net loss of $34 million. As a company operating out of Argentina, Mercadolibre experienced foreign currency losses of $15.1 million. The company reports that unique active users increased by 61.6% year-over-year, reaching 69.8 million.

Their gross merchandise volume grew to $6.1 billion and the amount of items sold was 222 million.

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.

Last week, the Latin American e-commerce giant announced that its customers could buy real estate with bitcoin.

Where Did Satoshi Nakamoto hide his identity? However, overall its net loss was $34 million. As a company operating out of Argentina, Mercadolibre also incurred foreign currency losses worth $15.1 million.

It is not intended to be a direct offer or solicitation of an offer to buy or sell, a recommendation or endorsement of any products, services, or companies. We do not offer investment, tax, legal, or accounting advice on Bitcoin.com. It is understood that neither the company nor the author is responsible, directly or indirectly, for any loss or damage in connection with the use or reliance on any of the articles, services or products mentioned in this article.

With this bitcoin buy, the e-commerce giant joins a growing list of companies that have chosen to add BTC to their balance sheets, including Elon Musk’s Tesla, Jack Dorsey’s Square, and Microstrategy.

Market makers at Mercadolibre Inc., Latin America’s largest e-commerce company with almost 70 million users on its marketplace, just bought almost $8 million in bitcoin for the company treasury. It has joined a growing list of companies that hold bitcoin on their balance sheet.It is not intended to be a direct offer or solicitation of an offer to buy or sell, a recommendation or endorsement of any products, services, or companies. Inc. reported its first-quarter financial results on Wednesday reporting it has bitcoin on its balance sheet.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: Overall, the company suffered a net loss of $34 million. As a company operating out of Argentina, Mercadolibre experienced foreign currency losses of $15.1 million. The company reports that unique active users increased by 61.6% year-over-year, reaching 69.8 million. Bitcoin.com does not provide investment, tax, legal, or accounting advice. A number of live listings on Mercadolibre’s marketplace have reached 299.5 million. With this bitcoin buy, the e-commerce giant joins a growing list of companies holding bitcoin, including Elon Musk’s Tesla and Jack Dorsey’s Square.

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 5/6/2021

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