The latest “non-crypto” company to back Bitcoin is a New York media firm that added millions worth of Bitcoin to its balance sheet saying it believes in crypto’s long term potential.
with the Securities and Exchange Commission disclosing Townsquare’s purchase of Bitcoin was first picked up by Macroscope, a Twitter account which focuses on institutional trading who posted the find on May 10."During the first quarter of 2022, the Company invested an aggregate of $5.0 million in Bitcoin. The Company believes in the long-term potential of digital assets as an investment.
“The Company believes in the long-term potential of digital assets as an investment. The Company may increase or decrease its holdings of digital assets at any time based on our view of market conditions.”at the time of purchase wasn’t disclosed Townsquare said it recorded an impairment loss of $400,000 resulting from “changes to the fair value” of its digital asset holdings over the quarter.
The so-called loss appears to be due to the unusual way companies need to report on crypto holdings. Townsquare also stated it could have sold its Bitcoin for $6.2 million total on March 31, the price of Bitcoin that day closed at a price of around $45,500. The company stated it views its Bitcoin investment as liquid due to the ease of converting it to cash using a crypto exchange.
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