The ZOND ticker begins to appear in advertisements for this company.
Until now, the company—whose name is still “Hulytego”—continues under its old ticker, HULI.
Zonda Bitcoin Capital, a company seeking to become the first public bitcoin (BTC) treasury in Argentina, began using the ZOND ticker in publications and corporate communications, anticipating the new stock market identity that it will seek to adopt in the local market.
A ticker is the short code with which a company identifies its shares within the stock market. In this case, ZOND would be the identifier that the company will use to quote on the financial screens.
However, as of today, May 25, 2026, the company —listed on the Buenos Aires Stock Exchange— continues to officially have the HULI ticker, corresponding to Hulytegoone of the most historic firms on the Argentine Stock Exchange and original owner of the Telgopor brand, the name by which the plastic foam used in packaging and containers is known in Argentina.
The creation of Zonda Bitcoin Capital was announced in 2025 and seeks to transform Hulytego into a company with a BTC accumulation strategy, replicating a model that They are already used by more than 100 publicly traded companies in different parts of the world.
The ZOND ticker is not yet officially enabled in the Argentine market. The authorization depends on Bolsas y Mercados Argentinos (BYMA) and the supervision of the National Securities Commission (CNV). The process usually requires approvals linked to corporate changes, statutory modifications and updating of corporate documentation.
The transition is part of a corporate transformation driven by Leonardo Rubinstein, founder and CEO of Zonda Bitcoin Capital. In dialogue with CriptoNoticias, the executive stressed that the objective is to build “a safe, regulated and efficient bridge between the traditional financial system and bitcoin.”
This strategy consists of accumulating BTC progressively using a regulated Argentine capital market vehicle. For this, Zonda to use exposure to US BTC exchange-traded funds (ETFs)primarily BlackRock’s iShares Bitcoin Trust (IBIT), rather than holding BTC directly in its own custody (this will be the case for tax reasons).
The company also maintains that it will seek to increase “bitcoin per share” over time, partially replicating the approach designed by Michael Saylor for the Strategy firm. This means that the company will try to accumulate more and more BTC (or, more precisely bitcoin ETF holdings) so that each share indirectly represents a greater amount of bitcoin.
Just as there are voices in favor, this model also arouses criticism. This is because small companies or companies with little financial backing could face problems. if the price of bitcoin falls sharply for prolonged periods.
In that scenario, some companies could be forced to sell part of their BTC holdings to meet operating expenses, debt or financing needs.
In that sense, the case of Nakamoto Inc. serves as a recent precedent. On May 20, the company, which had adopted BTC as a treasury asset, had to do a reverse stock split to avoid being delisted from Nasdaq and, in addition, sold part of its BTC at a loss to cover operating expenses. Something similar also happened with the French company Sequans.
Despite this background, Zonda Bitcoin Capital seeks to position itself as the first Argentine case of this global trend.