• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / World / New York’s Townsquare Media Adds Bitcoin to Its Investment Portfolio
New York’s Townsquare Media Adds Bitcoin to Its Investment Portfolio

New York’s Townsquare Media Adds Bitcoin to Its Investment Portfolio

May 11, 2022 by Goku

With the addition of $5 million in Bitcoin (BTC) to its balance sheet, Townsquare Media, a New York-based digital marketing and radio station firm, has become the latest enterprise to support the first cryptocurrency.

Townsquare’s acquisition of BTC was originally revealed in a filing with the US Securities and Exchange Commission (SEC), which was discovered by Macroscope, a Twitter account that focuses on institutional trading.

The corporation “spent an aggregate of $5 million into Bitcoin” during the first quarter of 2021, according to the filing, and offered an explanation for why it picked crypto:

“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.”

In an SEC filing today, Townsquare Media (NYSE: TSQ), based in New York, stated:

"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…

— MacroScope (@MacroScope17) May 10, 2022

The firm bitcoin adoption increase

While the price of BTC at the time of acquisition was not disclosed, Townsquare reported a $400,000 impairment loss due to “changes in the fair value” of its digital asset holdings throughout the quarter.

The alleged loss appears to be the result of the peculiar reporting requirements for crypto ownership. Townsquare further alleged that it could have sold its BTC for a total of $6.2 million on March 31, when the price of BTC was about $45,500. Because it is so easy to convert BTC to cash through a crypto exchange, the corporation considers its BTC investment to be liquid.

While the acquisition pales in contrast to MicroStrategy’s roughly $3 billion Bitcoin stockpile, Townsquare Media is towards the middle of the list in terms of publicly-traded corporations’ Bitcoin holdings.

According to Bitcoin Treasures, a website that tracks BTC holdings by corporations, Townsquare would be halfway between Cleanspark Inc., which has roughly $4.3 million in BTC, and Cathedra Bitcoin Inc., which has just over $5 million.

Other corporations with large investments in the world’s first cryptocurrency have acknowledged losses owing to having the asset on their balance sheet as the price of Bitcoin has fallen this year and recently touched 10-month lows.

Filed Under: World Tagged With: new york, Townsquare media

Primary Sidebar

Recent Posts

  • Crypto Regulations In Hong Kong: New Licensing Regime For Virtual Asset Trading Platforms June 1, 2023
  • OKX Wallet Unveils BRC-30 Proposal, Bringing Staking Opportunities to Token Holders June 1, 2023
  • Gate.io Clarifies Its Liquidity Status After Insolvency Rumours June 1, 2023
  • TRON Celebrates 5-Year Anniversary; All Set For Hong Kong Expansion June 1, 2023
  • Ethereum’s Empowering Reign: ‘Bitcoin Jesus’ Positions It as the Pioneering Force in Global Crypto Adoption June 1, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.