American radio network and media company Townsquare Media adds $5 million BTC to its balance sheet.
The company justified its choice to invest $5 million into BTC by stating that it believes in digital assets as an investment opportunity in the long run. However, depending on the market conditions, the business suggested that it might decrease or increase its holdings in the future.
Also, according to the corporation, the main idea behind such investment is the simplicity of withdrawing BTC through the cryptocurrency exchange.
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Yesterday, Twitter user Macroscope reported on the company’s purchase of BTC:
In an SEC filing today, Townsquare Media (NYSE: TSQ), based in New York, stated:— MacroScope (@MacroScope17) May 10, 2022
"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."
In March, the company stated that it could have earned $6.2 million for selling its BTC.
Moreover, Townsquare lost $400,000 throughout the quarter due to the fair value changes of its digital assets. The alleged impairment appears to be the result of the way in which firms must record their crypto holdings.
Townsquare Media also states that it might have made over $1 million if the company sold its shares in the first quarter. However, the organization still ranks in the middle of the list when compared to other rich companies in BTC.