According to Cripto Noticias on May 26, Zonda Bitcoin Capital has begun using the stock ticker ZOND in its company publications and communications, with the aim of positioning itself as the first publicly traded bitcoin treasury company in Argentina. As of May 25, the company’s ticker on the Buenos Aires Stock Exchange was still HULI; the ZOND ticker has not yet been registered with BYMA.
ZOND Ticker Status: The official ticker is still HULI, pending BYMA and CNV approval
Zonda Bitcoin Capital has used the ZOND ticker in corporate publications such as on the X platform, but the official registration with BYMA has not been completed. Under regulatory procedures, the application must go through a series of steps, including approvals for corporate changes, amendments to the bylaws, and updates to company documents. Zonda Bitcoin Capital was announced as founded in 2025, with the goal of transforming Hulytego into a publicly listed company that adopts a BTC accumulation strategy. CEO Leonardo Rubinstein said the objective is to build a “secure, compliant, and efficient bridge between the traditional financial system and bitcoin.”
Investment Strategy: Indirect exposure via U.S. bitcoin ETFs such as IBIT
Zonda Bitcoin Capital’s strategy is to invest in U.S. bitcoin ETFs (mainly BlackRock’s iShares Bitcoin Trust, IBIT) rather than directly holding bitcoin (for tax reasons). The company plans to follow the strategy designed by Michael Saylor for Strategy, gradually increasing the amount of bitcoin ETF holdings per share. The report also points to a recent cautionary case: Nakamoto, on May 20, conducted a 1-for-40 reverse stock split to avoid being delisted by Nasdaq, and sold part of its bitcoin at a loss to pay operating expenses; French company Sequans also faced a similar situation.
FAQ
When might the ZOND ticker become officially effective?
As of May 25, 2026, the ZOND ticker has not been officially registered with BYMA, and the current ticker remains HULI. Official effectiveness depends on BYMA and CNV completing the regulatory approval process for company changes, bylaws amendments, and related documents. Cripto Noticias’ report does not specify the expected completion timeline.
Why did Zonda choose a bitcoin ETF instead of holding bitcoin directly?
According to Zonda Bitcoin Capital’s statements, the choice of using U.S. bitcoin ETFs (mainly IBIT) rather than directly holding bitcoin is mainly due to tax considerations; the company did not provide detailed explanations of specific tax differences.
What kind of company is Hulytego, and why was it selected as the transformation vehicle?
Hulytego is one of the longest-standing companies in the Argentine stock exchange, and it was the original owner of the foam plastic brand Telgopor. Its long history as a publicly listed company provides existing exchange listing tools, making the transformation easier than reapplying for a listing.
