Argentine Company Lists as First Publicly Traded Bitcoin Treasury Firm in Country

Zonda Bitcoin Capital has become the first publicly traded Bitcoin treasury company in Argentina after listing on the Buenos Aires stock exchange, known as BYMA. The company plans to increase its Bitcoin exposure through regulated US spot Bitcoin ETFs, which will provide institutional-grade custody and regulatory clarity.

The CEO of Zonda, Leonardo Rubinstein, has described the strategy as one focused on systematically increasing Bitcoin or Bitcoin ETF holdings per share over time. This approach mirrors the framework used by MicroStrategy to demonstrate value accretion to shareholders.

However, unlike MicroStrategy, which buys and custodies actual Bitcoin, Zonda will channel its exposure through US-regulated ETF products. This decision is due to Argentina's tax and regulatory environment, which makes direct crypto holdings operationally messy for a publicly traded entity.