- Townsquare Media bought an mixture of $5 million price of bitcoin in a current SEC submitting.
- The firm notes that its Q1 2022 buy may 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 resolution, 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 mixture of $5.0 million in Bitcoin,” the submitting states. “We have possession of and management over our digital property and we use third-party custodial providers to safe it.”
Townsquare notes that an impairment loss was mirrored on the finish of the quarter, however that liquidity supplied by bitcoin proved to be price holding the asset and the corporate additionally famous that it may have realized a $1.2 million revenue.
“During the quarter ended March 31, 2022, the Company recorded a complete of $0.4 million in impairment losses ensuing from modifications within the honest worth of the Company’s digital property noticed in the course of the interval,” the submitting states.
The submitting continues to elucidate the corporate views its funding in bitcoin as liquid due to the flexibility to readily convert bitcoin to money by means of sale on an energetic alternate. If the corporate offered its bitcoin on March 31, 2022, it will have introduced in roughly $6.2 million.
Townsquare closed its commentary on bitcoin inside the submitting stating “The Company believes within the long-term potential of digital property as an funding.”