- Townsquare Media recently purchased $ 5 million worth of Bitcoin in SEC filing.
- The company said the acquisition in the first quarter of 2022 could have generated a profit of $ 1.2 million if the company sold it.
- Townsquare said it believes in the “long-term potential” of Bitcoin.
Townsquare Media (NYSE: TSQ), a digital media and marketing solution, has submitted the Securities and Exchange Commission (SEC). Filing Details of the first discovered $ 5 million purchase in Bitcoin MacroScope..
“During the quarter ended March 31, 2022, we invested a total of $ 5 million in Bitcoin,” Filing said. “We own and control digital assets and use third-party management services to protect them.”
Townsquare said it reflected an impairment loss at the end of the quarter, but the liquidity provided by Bitcoin proved worth holding the asset, and the company could have achieved a profit of $ 1.2 million. He said he had sex.
“During the quarter ended March 31, 2022, we posted a total of $ 400,000 in impairment losses due to changes in the fair value of our digital assets observed during the period.” Says.
Filing continues to explain that the company sees its investment in Bitcoin as fluid because it can easily convert Bitcoin to cash through active exchange sales. If the company sold Bitcoin on March 31, 2022, it would have brought about $ 6.2 million.
“We believe in the long-term potential of digital assets as an investment,” said Townsquare, concluding his comments on Bitcoin.