Mercado Libre on Wednesday disclosed a $7.8 million worth of bitcoin purchase, becoming the next publicly traded company to add bitcoin to its investment.

Though the purchase is smaller than the Tesla and Microstrategy bitcoin purchases, it is an indication that institutions are still betting big on the digital currency and most are still anticipating that it shall soar higher than the current price.

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Mercado Libre, Inc.

Mercado Libre, Inc. is an eCommerce company that is also incorporated in the US. It operates online marketplaces devoted to online auctions and e-commerce.

It is headquartered in Buenos Aires, Argentina.

The company is listed on the NASDAQ stock exchange in New York as MELI.