New York’s Townsquare Media adds Bitcoin to its balance sheet

Townsquare Media, a New York-based digital marketing and radio station company, has added $5 million worth of Bitcoin (BTC) to its balance sheet.

Macroscope, a Twitter account that focuses on institutional trading was the first to report Townsquare media’s addition of Bitcoin to it’s balance sheet, Cointelegraph reports.

According to a SEC filing, the company “invested an aggregate of $5 million into Bitcoin” during the first quarter of 2021 and provided an explanation for why it chose a crypto investment.

Townsquare believes in the long-term potential of digital assets as an investment and “may increase or decrease its holdings of digital assets at any time based on our view of market conditions.”

Townsquare also stated it could have sold its Bitcoin for $6.2 million total on March 31, as the price of Bitcoin that day closed at a price of around $45,500.

The company stated it views its Bitcoin investment as liquid due to the ease of converting it to cash using a crypto exchange.