Marval O’Farrell Mairal advised on the inception and development of Argentina’s first public Bitcoin Treasury Company

Marval O’Farrell Mairal advised Leonardo Rubinstein and Pablo Herman on the acquisition of the controlling stake in Hulytego SAIC, a company whose shares have been listed on Bolsas y Mercados Argentinos since the mid-20th century, and on the subsequent Mandatory Tender Offer, which was successfully completed on December 18, 2025.

As a result of the change of control, the current shareholders decided to reshape Hulytego SAIC into Argentina’s first Bitcoin Treasury Company, whose main strategy is the indirect and disciplined accumulation of Bitcoin through regulated financial instruments, primarily ETFs whose underlying assets consist of Bitcoin, as well as providing investors with regulated and transparent access to shares and other financial instruments of the company that offer varying degrees of indirect economic exposure to Bitcoin. Among the measures adopted, it was resolved to change the company’s name to Zonda Bitcoin Capital SA.

In addition, Zonda Bitcoin Capital intends to promote the development of the local ecosystem through education, outreach, and product development programs aimed at fostering both institutional and retail adoption.

Marval O’Farrell Mairal advised Zonda Bitcoin Capital Sociedad Anonima and its shareholders through a team lead by partners Juan M. Diehl Moreno and Sergio Talamo, together with associates Maria Manuela Lava, Pedro M. Azumendi, and Lautaro Penza.