TIME Magazine Decides to Add Bitcoin to its Balance Sheet
Grayscale, which offers crypto based products to institutions, has joined hands with popular New York based magazine TIME to create a range of educational videos on cryptocurrencies.
The collaboration was announced by Grayscale’s CEO, Michael Sonnenshein, who also stated that TIME and Keith Grossman, president of the media outlet, will be paid in Bitcoin.
Additionally, TIME does not aim to exchange the paid Bitcoin into fiat, and intends to retain the cryptos on its balance sheet. Additional details regarding the collaboration are yet to be disclosed.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
TIME was initially published on March 3, 1923. However, only in recent times, the media outlet has become active in crypto domain. Last month, TIME encashed NFT craze by selling three tokenized magazine covers on NFT marketplace SuperRare. One of those NFT’s – “TIME Space Exploration – January 19th, 1959” – garnered 135 ETH worth nearly $250,000 March 30.
The company also disclosed that they are looking for a CFO (Chief Financial Officer) having adequate knowledge in cryptos. The opening has been announced in Linkedin as well.
The listing said “The media industry is undergoing a rapid evolution. TIME is seeking a Chief Financial Officer who can help guide its transformation.”
As per Bitcointreasuries.com, TIME is the 33rd listed enterprise to possess Bitcoin in its Treasury (balance sheet). TIME has joined the list of top US firms such as Microstrategy, which has invested billions in Bitcoin since August 2020, Square, which bought 4,709 Bitcoins in October 2020, and Tesla, which acquired $1.50 billion worth Bitcoin in January.
Multinational investment firm Blackrock has also entered into crypto domain by trading Bitcoin futures. The company recorded a profit of over $360,000 from a long position in the futures market.
The contract reflects a considerable collaboration between top notch firms in the crypto and mainstream world. Grayscale was established in 2013 and has roughly $46 billion worth cryptos under administration, including about 3% of Bitcoin’s overall liquidity.