In its recent results presentation to investors, Mercado Livre presented that the company has doubled its cryptocurrency holdings since December 2023.
According to Mercado Livre’s IR published on August 1, 2024, the company stated that it still held $34 million in “Customer cryptoassets for asset protection” as of December 2023.
But now, on June 30, 2024, at the end of the second half of the year, MELI had 67 million cryptocurrencies on its balance sheet. In other words, in just six months, the value of the cryptocurrencies it holds has doubled.
Since cryptocurrencies appear in the financial statements without specification, it is not possible to say what assets Mercado Livre has accounted for. It is worth remembering that the company has not only bought Bitcoin in the past, but also launched its own cryptocurrency in 2022.
Mercado Livre surpassed Petrobras to become the most valuable company in Latin America
Mercado Livre, a private company strongly connected to the cryptocurrency market, also registered an important milestone in recent days.
This is because Mercado Livre, by surpassing the market value of Petrobras, the Brazilian oil company, became the most valuable company in Latin America.
On Twitter, CEO and founder Marcos Galperin celebrated with a “gold medal” in the spirit of the 2024 Olympics, saying his company should do this.
“It had to be done… and we did it.”
We had to do it… and we did it. 🥇☝️🤝 pic.twitter.com/12iUcmgXEA
— Marcos Galperin (@marcos_galperin) August 2, 2024
World’s richest Argentine and bitcoin fan, Mercado Livre founder celebrates his company’s progress on its anniversary
Via Twitter/X, Mercado Livre CEO and founder Marcos Galperin celebrated his company’s 25th anniversary on August 2.
It is worth remembering that he is an outspoken fan of bitcoin and is considered the richest Argentine in the world, according to Forbes.
“Today Mercado Libre is 25 years old. On 02/08/1999 we “turned on the website” with a thousand products for sale. Last night we announced the results of Q2 2024. In a short time we have come a long way. Thank you to everyone who has accompanied us on this beautiful adventure. The best is yet to come.”
Today @Mercadolibre turns 25. On 8-2-1999 we have “prendimos el sitio” with a thousand products for sale. This year we announce the results of the 2nd Tri 2024. We have come a long way in a short time. Thanks to everyone who accompanied us on this beautiful adventure. The best is yet to come… pic.twitter.com/HROjmvyPh2
— Marcos Galperin (@marcos_galperin) August 2, 2024
Among the highlights, Mercado Livre stated that it processes 54 purchases per second, with a base of more than 56 million registered buyers. In total, more than 12 billion dollars worth of products have been sold on the largest marketplace in Latin America.
In his publication, he also presented the results of Mercado Pago, the company’s financial arm and one of the largest Latin American fintechs.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
