MercadoLibre Buys $7.8 Million Of Bitcoin

Argentina-based e-commerce leader MercadoLibre has disclosed that it purchased $7.8 million worth of bitcoin earlier this year, with plans to hold the asset on its balance sheet indefinitely.

According to a regulatory filing, the company made the investment as part of its “treasury strategy.” It did not disclose how the purchase was made, how much BTC was obtained with that investment or how the company views bitcoin as a treasury asset in its future.

MercadoLibre is publicly traded and has a market capitalization of more than $76.3 billion. It operates online marketplaces and facilitates online auctions, with users in Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Spain and other countries throughout South and Central America. As of 2016, the company had more than 174 million users in Latin America.

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