New York Based Townsquare Media Purchased $5 Million Worth Of Bitcoin

• Townsquare Media purchased an aggregate of $5 cardinal worthy of bitcoin successful a caller SEC filing.
• The institution notes that its Q1 2022 acquisition could person realized a $1.2 cardinal nett had the institution sold.
• Townsquare stated it believes successful the “long-term potential” of bitcoin.

Townsquare Media (NYSE:TSQ), a integer media and selling solution, submitted a Securities and Exchange Commission (SEC) filing detailing a acquisition of $5 cardinal successful bitcoin, spotted archetypal by MacroScope.

“During the 4th ended March 31, 2022, the Company invested an aggregate of $5.0 cardinal successful Bitcoin,” the filing states. “We person ownership of and power implicit our integer assets and we usage third-party custodial services to unafraid it.”

Townsquare notes that an impairment nonaccomplishment was reflected astatine the extremity of the quarter, but that liquidity provided by bitcoin proved to beryllium worthy holding the plus and the institution besides noted that it could person realized a $1.2 cardinal profit.

“During the 4th ended March 31, 2022, the Company recorded a full of $0.4 cardinal successful impairment losses resulting from changes successful the just worth of the Company's integer assets observed during the period,” the filing states.

The filing continues to explicate the institution views its concern successful bitcoin arsenic liquid due to the fact that of the quality to readily person bitcoin to currency done merchantability connected an progressive exchange. If the institution sold its bitcoin connected March 31, 2022, it would person brought successful astir $6.2 million.

Townsquare closed its commentary connected bitcoin wrong the filing stating “The Company believes successful the semipermanent imaginable of integer assets arsenic an investment.”