Data Analytics Company Palantir Considers Adding Bitcoin To Its Balance Sheet


American big data analytics company, Palantir Technologies, has recently revealed that it is considering adding bitcoin to its balance sheet.

According to a Tuesday report, the chief financial officer of Palantir, David Glazer, noted in the company’s earnings call that Palantir is seriously making plans to add bitcoin to its balance sheet.

Glazer said,

“We’re thinking about it and we’re even discussing this early, taking a look at our balance sheet in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective as well as other investments that we look across our business and beyond.”

He also added that the Denver-based software company is currently accepting bitcoin as a means of payment. He said,

“On the other side of that, in terms of accepting Bitcoin from our customers, we do accept it.”

The software company was co-founded by Peter Thiel, PayPal’s co-founder, back in 2003. Palantir mainly built its business around several lucrative government deals for data analytics software.

Palantir’s earnings conference call came shortly after the company released its first-quarter earnings report on Monday. 

The company reported a 49% revenue increase in the first quarter, a total of $341 million far exceeding the $332.2 million forecast. Its adjusted earnings per share are currently sitting at $0.04, corresponding to the forecast given by analysts.

Palantir pointed out that it expects to turn in a revenue of $360 million in the second quarter as opposed to the $344.3 million predicted by analysts.

The big data analytics company added that it still expects annual revenue growth of 30% or more for the next four years (2021-2025).

The influx of several large institutional investors into the crypto space, with bitcoin as an entrance point, has led to increased awareness of the cryptocurrency and a subsequent surge in its price.

Barely three months after electric car company, Tesla, made a groundbreaking purchase of $1.5 billion worth of bitcoin, the company revealed that it has about $2.5 billion total bitcoin in its balance sheet.

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