Argentina’s corporate giants add 1300 Bitcoins in their portfolios – The next El Salvador?

According to recent reports, Argentina’s leading companies collectively hold 1,300 Bitcoins in their portfolios. The South American nation has become a rising player in the global Bitcoin economy since Javier Milei took over as president.

Now, analysts predict the country could follow El Salvador’s footsteps and go all in on crypto adoption this year.

Bitfarms, Mercado Libre, and Globant are the trio of Argentine corporate entities leading Argentina’s BTC market activity. 

Argentina’s largest crypto-holding institutions

Bitfarms is the largest holder, with 870 BTC. Founded in 2017, Bitfarms is a global Bitcoin mining firm operating 12 data centers in Canada, the United States, Paraguay, and Argentina. 

“The changes we have implemented over the last six months have laid the foundation for a better future,” stated Ben Gagnon, CEO of Bitfarms, in a recent event. He also spoke about the company’s transition from an international Bitcoin miner to a North American energy and computing enterprise. 

“We enter 2025 as a stronger, more diversified company with tremendous opportunities,” Gagnon added.

Mercado Libre, a major e-commerce giant in Latin America, comes in second with 412 Bitcoins in its custody. However, Richard Cathcart, the company’s Chief Investment Officer, clarified in May 2024 that users of its crypto wallets own these funds. He asserted that the company owns zero BTCs.

The company has been a player in the region’s crypto market. It launched its stablecoin, Meli Dolar, in the third quarter of 2024. 

Initially rolled out in Brazil, the stablecoin’s reach was extended to Mexico in September. Founder and CEO Marcos Galperin has consistently advocated for Bitcoin, calling the crypto “the future of personal finance.”

Rounding out the list is Globant, an IT and software engineering firm that holds 15 BTC in reserves. Although its holdings are modest compared to its counterparts, the company’s CEO, Martin Migoya, supports President Milei’s positive views on crypto.

Collaboration with El Salvador on crypto adoption

Last year, high-ranking officials from Argentina’s National Securities Commission (CNV) met with representatives of El Salvador’s National Commission of Digital Assets (CNAD). 

The talks focused on sharing experiences and regulatory frameworks related to Bitcoin and broader cryptocurrency adoption.

Roberto E. Silva, president of the CNV, praised El Salvador’s leadership in the crypto space. Silva noted that the country’s expertise in crypto regulations holds significant value for Argentina. This comes as it explores expanding its own crypto initiatives.

“El Salvador has emerged as one of the leading countries, not only in the use of Bitcoin but also in creating a robust regulatory framework through the National Commission of Digital Assets,” he said. 

Juan Carlos Reyes, head of El Salvador’s CNAD, explained that the nations will share tips on how to support well-regulated crypto industries globally and expand the reach of regulated companies. 

To that end, Reyes commended Argentina’s innovative approach and high crypto adoption rate, citing these as key drivers for collaboration.

While details of the agreement remain undisclosed, Reyes described the partnership as a foundation for greater regional cooperation. “This collaboration aims to foster knowledge exchange and promote innovation in the digital asset sector,” he explained.

El Salvador, spearheaded by President Nayib Bukele in 2021, introduced Bitcoin as a legal tender alongside the U.S. dollar and launched the government-backed Chivo Wallet. 

However, El Salvador’s government announced that it could either sell or close down the digital wallet as per the International Monetary Fund (IMF) recommendation.