Digital Assets: TIME Magazine To Hold Bitcoin On Its Balance Sheet
Time joins crypto investors such as Elon Musk‘s Tesla, Jack Dorsey‘s Square Inc., and Michael Saylor’s Microstrategy.
TIME Magazine, which launched in 1923 and is in the midst of a digital transformation, has embraced bitcoin in a big way. According to a tweet by Michael Sonnenshein, the CEO of Grayscale Investments, TIME will hold bitcoin on its balance sheet. (CROWDFUNDINSIDER)
By investing its corporate funds in bitcoin TIME will join the ranks of other corporate bitcoin investors such as Elon Musk’s Tesla (NASDAQ: TSLA), Jack Dorsey‘s Square Inc. (NYSE: SQ), and Michael Saylor’s Microstrategy (NASDAQ: MSTR).
Tesla announced in February its purchase of bitcoin worth $1.5 billion. It also revealed that it would accept bitcoin as payment for the sale of its electric vehicles.
Last week, MicroStrategy revealed that it held 91,579 bitcoins on its balance sheet that were acquired at an aggregate purchase price of $2.226 billion and an average purchase price of approximately $24,311 per bitcoin, inclusive of fees and expenses.
Considering bitcoin today hit a new all-time high above $63,000, these investors could be sitting on sizable profits on their bitcoin investments.
Grossman to be paid in BTC!
Sonnenshein’s tweet also reveals that Keith Grossman, President of TIME, has agreed to take his payment in bitcoin.
Recall that MicroStrategy announced Monday its plan to pay its non-employee directors in bitcoin.
“In approving bitcoin as a form of compensation for Board service, the Board cited its commitment to bitcoin given its ability to serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy,” the company said in a filing.
In August last year, TIME updated its staff on the continued transformation of the storied magazine. It outlined various strategies for the year, one of which was to evolve TIME’s Video & Streaming Strategy by leveraging the strength of TIME Studios.
“We have the production capabilities and skillsets in-house to pivot faster and more creatively than most in the industry,” Grossman said in the note.
“With our in-house production team, we are forming new partnerships, testing innovative business models, and exploring incremental opportunities in film and TV,” he added.
Now we understand from Sonnenshein’s tweet that TIME has partnered with Grayscale Investments to produce a crypto video series this summer that will explain the whole crypto space.
TIME will be paid for the series in bitcoin.
Related Story: MicroStrategy Adds To Bitcoin Hoard With $15M Purchase
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