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Another Company Puts Bitcoin On Balance Sheet

By Shivdeep Dhaliwal

New York-based digital marketing and radio network firm Townsquare Media (NYSE:TSQ) said in a filing with the U.S. Securities and Exchange Commission that it had added $5 million in Bitcoin (CRYPTO: BTC) to its balance sheet. 

What Happened: The company said in the filing it invested $5 million in Bitcoin last quarter.

“We have ownership of and control over our digital assets and we use third-party custodial services to secure it,” said Townsquare Media.

The Company believes in the long-term potential of digital assets as an investment aid said it may increase or decrease its holdings of digital assets at any time based on market conditions.

See Also: How To Get Free NFTs

Why It Matters: The purchase price of Bitcoin was not revealed in the Townsquare Media filing, but the company said it recorded an impairment loss of $400,000 citing “losses resulting from changes in the fair value” of the digital assets held by it.

On March 31, 2022, the carrying value of the company’s digital assets was reported to be $4.6 million. 

The company "views its investment in Bitcoin as liquid due to the ability to readily convert the investment to cash through sale on an active exchange.”

On Tuesday, Townsquare Media reported first-quarter earnings per share of $0.19 missing a Street estimate of $0.23.

Data from Bitcoin Treasuries, a tracker of BTC held by companies, shows MicroStrategy Incorporated (NYSE:MSTR) and Tesla Inc (NASDAQ:TSLA) are the two largest holders of Bitcoin holding 129,218 ad 43,200 BTC respectively — valued at $4.05 billion and $1.35 billion at press time.

Price Action: On Tuesday, Townsquare Media shares closed 5.1% lower at $9.71 in the regular session. At press time, over 24 hours,  Bitcoin traded 0.9% lower at $30,760.05, according to Benzinga Pro data.

Read Next: Long-Time Bitcoin Bear Offers $1,000 To Every Retweeter If His Prediction Of BTC Hitting $10K In 2022 Goes Wrong

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Dive Deeper:
Coinbase Sees Crypto Trading Volume Declines 44% In Q1
Shares of major crypto exchange Coinbase Global Inc (NASDAQ: COIN) slid over 11% in extended trading on Tuesday, following dour…
Cathie Wood Loads Up On These 2 Crypto-Linked Stocks On The Dip
Cathie Wood-led Ark Investment Management on Monday scooped up more shares in cryptocurrency-linked companies Coinbase Global Inc (NASDAQ: COIN) and…
Does the recent cryptocurrency crash pose a threat to global financial system?
Compared with the Fed's last tightening cycle which began in 2016 crypto is a much bigger market, raising concerns about…
Bitcoin Bull Jack Dorsey Likens Coinbase To A Casino
Twitter Inc (NYSE: TWTR) founder and CEO of Block Inc (NYSE: SQ) Jack Dorsey equated rival Coinbase Gobal, Inc (NASDAQ:…
One subscription that gives you access to news from hundreds of sites
Ethereum Slips Below $2,000, Worst Hit In $1B Crypto Liquidations Today
Crypto liquidations exceeded $1.2 billion at press time with over 420,000 traders hit by the market-wide crash.
Why Is Dogecoin Crashing Massively Today
Dogecoin (CRYPTO: DOGE) traded 22.3% lower at $0.09 over 24 hours leading up to Wednesday morning.
Get all your news in one place