Townsquare Media, a New York-based digital advertising and marketing and radio station firm, is the newest enterprise to again the unique cryptocurrency with its addition of $5 million price of Bitcoin (BTC) to its stability sheet.

A submitting with america Securities and Alternate Fee (SEC) disclosing Townsquare’s buy of Bitcoin was first picked up by Macroscope, a Twitter account that focuses on institutional buying and selling, posted the discover on Monday.

In an SEC submitting right now, Townsquare Media (NYSE: TSQ), based mostly in New York, acknowledged:

“Throughout the first quarter of 2022, the Firm invested an mixture of $5.0 million in Bitcoin. The Firm believes within the long-term potential of digital belongings as an funding.”

The corporate…

— MacroScope (@MacroScope17) May 10, 2022

Based on the submitting, the corporate “invested an mixture of $5 million into Bitcoin” through the first quarter of 2021 and offered an evidence for why it selected a crypto funding, stating:

“The Firm believes within the long-term potential of digital belongings as an funding. The Firm might improve or lower its holdings of digital belongings at any time based mostly on our view of market situations.”

Whereas the value of Bitcoin on the time of buy wasn’t disclosed, Townsquare mentioned it recorded an impairment lack of $400,000, ensuing from “modifications to the truthful worth” of its digital asset holdings over the quarter.

The so-called loss seems to be because of the uncommon approach corporations must report on crypto holdings. Townsquare additionally acknowledged it may have offered its Bitcoin for $6.2 million whole on March 31, as the value of Bitcoin that day closed at a value of round $45,500. The corporate acknowledged it views its Bitcoin funding as liquid because of the ease of changing it to money utilizing a crypto alternate.

MicroStrategy shareholders letter: We’ll ‘vigorously pursue’ extra BTC buys

Whereas the acquisition is small compared to MicroStrategy’s almost $3 billion stash price of Bitcoin, Townsquare Media is across the center of the listing by way of the quantity of the crypto held by publicly traded corporations.

Based on Bitcoin Treasures, a web site thatmeasures Bitcoin held by corporations, Townsquare would sit someplace across the Bitcoin mining corporations Cleanspark Inc which holds round $4.3 million and Cathedra Bitcoin Inc., which holds simply over $5 million price of Bitcoin.

With the value of Bitcoin sliding this yr and lately hitting 10-month lows, different corporations with large positions on the planet’s first cryptocurrency have reported losses on account of having the asset on their stability sheet.

Earlier in Could, crypto funding supervisor Galaxy Digital Holdings reported a $111.7 million loss within the first quarter of 2022 on account of unrealized losses on its cryptocurrency portfolio. MicroStrategy CEO and Bitcoin advocate Michael Saylor additionally needed to guarantee buyers that the corporate may cowl its money owed if requested on account of a Bitcoin-backed $205 million mortgage it took out in March.