New York-Based Media Firm Becomes Latest to Purchase Bitcoin

Townsquare Media, a New York based digital marketing and radio station company has become the latest firm to add Bitcoin (BTC) to its balance sheet. Townsquare Media Purchased Bitcoin During Q1 2022 A filing with the US Securities and Exchange Commission (SEC) has disclosed that Townsend Media bought $5 million in Bitcoin during Q1 2022. The cryptocurrencies were secured through third-party custodial services. In an SEC filing today, Townsquare Media (NYSE: TSQ), based in New York, stated: "During the first quarter of 2022, the Company invested an aggregate of $5.0 million in Bitcoin. The Company believes in the long-term potential of digital assets as an investment." The company… — MacroScope (@MacroScope17) May 10, 2022 Whilst the price of Bitcoin at the time of purchase wasn’t disclosed, Townsquare said it recorded an impairment loss of $400,000 by the end of the quarter, due to Bitcoin’s declining fair value price. “During the quarter ended March 31, 2022, the Company recorded a total of $0.4 million in impairment losses resulting from changes in the fair value of the Company’s digital assets observed during the period,” the filing states. Townsquare Believes in Bitcoin’s Long-Term Potential Townsquare also stated it could have sold its Bitcoin for $6.2 million total on March 31, but didn’t because it believes in its long-term potential. “The Company believes in the long-term potential of digital assets as an investment. T...