American media company Townsquare Media invested $5 million in bitcoin

New York-based radio network and media company Townsquare Media invested $5 million in bitcoin. The information is contained in documents filed with the U.S. Securities and Exchange Commission.

The firm bought BTC in Q1 2022, without disclosing its cost at the time of acquisition. According to the report, Townsquare Media may increase or decrease reserves depending on market conditions.

At the end of the quarter the company recorded a loss of $400 000 due to changes in the values of digital assets held on its balance sheet during the reporting period. Townsquare Media regards investments in Bitcoin, the first cryptocurrency, as liquid and intends to diversify its investment portfolio with them.

“As of March 31, 2022, the carrying amount of the company’s digital assets stood at $4.6 million,” the document states.

According to Bitcoin Treasuries, the analytics software provider MicroStrategy remains the largest holder of BTC among public companies. As of writing, the total value of the company’s digital gold in reserves stands at about $4 billion.

Earlier MicroStrategy published its financial results for the first quarter of 2022. For the period, its revenue was $119.3 million with expenses of $298 million. The latter includes $170.1 million attributable to the negative revaluation of its digital assets.

As previously noted, MicroStrategy CEO Michael Saylor acknowledged the successful policy of buying digital gold and pledged to continue following this strategy.

In May, he stated that MicroStrategy has no plans to liquidate its cryptocurrency reserves.

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