New York based digital marketing and radio station company ,Townsquare Media is the newest business to support cryptocurrencies with the addition of $5 million worth of Bitcoin added to its balance sheet.
A filing with the Securities and Exchange Commission disclosing Townsquare’s purchase of Bitcoin was first picked up by Macroscope, a Twitter account which focuses on institutional trading who posted the find.
As per information the company invested a total of $5 million into Bitcoin during the first quarter of 2021 and stated that the Company believes in the long-term potential of digital assets as an investment.
The price of the purchase wasn’t disclosed and Townsquare stated that it recorded an impairment loss of $400,000 resulting from changes to the fair value of its digital asset holdings.
With the price of Bitcoin sliding this year and recently hitting 10-month lows, other companies with big positions in the world’s first cryptocurrency have reported losses due to having the asset on their balance sheet.
