TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments
TIME Magazine is ready to go all the way with Bitcoin.
The renowned publication will start accepting Bitcoin as a form of payment in partnership with the world’s largest digital asset manager Grayscale Investments.
More interesting is that TIME will take a similar approach as Tesla, and instead of converting the receiving BTC into fiat, they will be HODLing it. TIME will then be holding these BTC on its balance sheet. BTC -12.45% Bitcoin / USD BTCUSD $ 49,387.04
-$6,148.69-12.45% Volume 98.82 b Change -$6,148.69 Open $49,387.04 Circulating 18.71 m Market Cap 923.98 b 14 h Almost 90% Respondents Interested in their Insurance Products Having Links with BTC: Survey 16 h Bitcoin Car to Race at the 105th Indianapolis 500 to Support BTC Awareness and Open-Source Development 17 h CME Group Sees 'Strong Adoption' of Micro Bitcoin Futures
“Thrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space. Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin and hold the BTC on their balance sheet. A first for our media partnerships!” tweeted Michael Sonnenshein, CEO of Grayscale, which holds over 3% of Bitcoin’s circulating supply in its Bitcoin Trust (GBTC). GBTC -15.14% Grayscale Bitcoin Trust tokenized stock FTX / USD GBTCUSD $ 39.04
-$5.91-15.14% Volume 5.96 m Change -$5.91 Open $39.04 Circulating 0 Market Cap 0 5 d Significant Growth in 'Institutional Demand' Pushes Goldman Sachs to Offer Bitcoin Derivatives Trading 1 w Grayscale Partners with New York Giants, Becoming the Second Crypto Sponsor of an NFL Team 1 w “Institutional FOMO,” Record Volume Seen by Grayscale Ethereum Trust (ETHE) & Ether ETFs
Sonnenshein was then retweeted by TIME President Grossman, who has been retweeting a lot of other Bitcoin-related tweets.
TIME is the latest one to have Bitcoin part of its Treasury, which started with publicly listed business intelligence company MicroStrategy in August last year, which was followed by Jack Dorseys’ Square, and then earlier this year, Elon Musk’s Tesla invested $1.5 billion in Bitcoin.
A few weeks ago, the company had also announced that they were looking to hire a CFO “comfortable with bitcoin and crypto” to transform its “98-year old brand for the next 100 years & beyond.”
Now, TIME is holding Bitcoin on its balance sheet just as MicroStrategy announced on Monday that they would be paying their board of directors in BTC instead of cash while New York Stocks Exchange (NYSE) is launching NFTs, and Coinbase much-anticipated IPO on Wednesday has a valuation of a whopping more than $100 billion, aiming to be the largest one in history.