While discussions about incorporating cryptocurrency into corporate reserves are slowly gaining traction in the United States, some of Latin America’s largest corporations are already jumping on the Bitcoin bandwagon — racking up significant gains on their investments and expanding crypto services to end-users in the process.
Following the lead of major firms like Strategy (formerly known as MicroStrategy) and even sovereign nations like El Salvador, which have accumulated significant amounts of Bitcoin, many in the region have turned to cryptocurrency as a way of diversifying savings and as a hedge against inflation which persistently plagues the continent.
Three Argentine companies, including Mercado Libre, the largest publicly traded firm in the entire region, currently hold a combined total of 1,300 Bitcoin in assets, according to data compiled by BitcoinTreasuries.NET on corporate and sovereign holdings.
Top 10 publicly traded companies with Bitcoin holdings. Source: BitcoinTreasuries
The South American nation has drawn interest globally since pro-Bitcoin president Javier Milei took office more than a year ago, implementing a deregulation agenda and facilitating transactions in crypto and other currencies. But in some cases, interest from its corporations dates from even earlier.
Bitfarms, a global BTC mining company headquartered in Canada but founded by Argentine entrepreneurs, is currently the largest holder of Bitcoin in the region, according to BitBo. The firm, founded in 2017, holds 870 BTC. Its most recent data shows that Bitfarms produced an average of 250 Bitcoin per month in 2024 through its operations, which include data centers in Argentina, Paraguay, Canada, and the United States.
Dubbed the “Amazon of Latin America” for the dominance of its marketplace business throughout the region, Argentine unicorn Mercado Libre comes in next. The firm, with a market capitalization of $100 billion, set its sights on Bitcoin several years ago. In 2021, it invested less than $10 million in crypto, primarily in Bitcoin and Ethereum. It holds over 412 BTC .
“I believe that Bitcoin as a store of value is better than gold,” said Argentine founder and internet billionaire entrepreneur Marcos Galperín at the time. Globant, a software company based in Buenos Aires, reportedly comes next, albeit with a smaller holding of little over a dozen Bitcoin.
“The growing interest of Argentine companies in cryptocurrencies is not just a sudden marketing move,” Natalia Motyl, an economist and crypto analyst, told Cointelegraph.
“It began to take shape in 2021, and since then, numerous companies have ventured into the ecosystem leveraging its advantages as a store of value and an investment vehicle.”
For years, the country has been plagued by chronic inflation, creating fertile ground for cryptocurrency growth as Argentines turn to alternative assets to navigate these financial challenges. Companies, too, are no strangers to these struggles in a region burdened by weak currencies.
But to be sure, Mercado Libre and other regional giants are still far from being considered crypto whales. Compared to companies going all in on Bitcoin — like Strategy, which holds nearly half a million BTC — the amount Latin American firms have invested in this asset still remains relatively small. Indeed, while these investments have proven financially beneficial, there is also a branding aspect to it.
