Townsquare Media, a New York-based marketing agency and radio station, is the next company to put Bitcoin on its balance sheet. It concerns a $5 million purchase that they made in the first quarter of 2022.
In a information document the company states: “We believe in the long-term potential of digital assets as an investment.”
Room for more
There is certainly room for more investment at Townsquare Media, as it has a cash reserve of approximately $50.9 million. The first Bitcoin purchase therefore seems to be the beginning of the diversification of the reserve pot. Although Townsquare Media’s purchase price is unknown, it suffered a loss of $400,000 after the first quarter.
The loss appears to be a result of the somewhat strange way companies in the United States have to account for Bitcoin. Townsquare Media further states in the information document that they could have sold their Bitcoin for $6.2 million on March 31. That would have made the company a quick profit of 1.2 million dollars. However, it seems that at Townsquare Media they are really in bitcoin for the long haul.