- Townsquare Media bought an combination of $5 million value of bitcoin in a latest SEC submitting.
- The firm notes that its Q1 2022 buy might have realized a $1.2 million revenue had the corporate offered.
- Townsquare said it believes within the “long-term potential” of bitcoin.
Townsquare Media (NYSE:TSQ), a digital media and advertising answer, submitted a Securities and Exchange Commission (SEC) filing detailing a purchase order of $5 million in bitcoin, noticed first by MacroScope.
“During the quarter ended March 31, 2022, the Company invested an aggregate of $5.0 million in Bitcoin,” the submitting states. “We have ownership of and control over our digital assets and we use third-party custodial services to secure it.”
Townsquare notes that an impairment loss was mirrored on the finish of the quarter, however that liquidity offered by bitcoin proved to be value holding the asset and the corporate additionally famous that it might have realized a $1.2 million revenue.
“During the quarter ended March 31, 2022, the Company recorded a total of $0.4 million in impairment losses resulting from changes in the fair value of the Company’s digital assets observed during the period,” the submitting states.
The submitting continues to clarify the corporate views its funding in bitcoin as liquid due to the power to readily convert bitcoin to money by means of sale on an lively trade. If the corporate offered its bitcoin on March 31, 2022, it could have introduced in roughly $6.2 million.
Townsquare closed its commentary on bitcoin throughout the submitting stating “The Company believes in the long-term potential of digital assets as an investment.”
