New York-based radio network and media company Townsquare Media has just invested $5 million in Bitcoin, according to filings with the SEC.
Per the document, the company acquired BTC in Q1 2022. However, it has not specified its value when the purchase took place. The filing shows that Townsquare Media may increase or decrease reserves based on the conditions of the market.
At the end of the quarter, the company experienced a $400,000 loss due to changes in the prices of digital assets held on its balance sheet during the reporting period.
According to the company, BTC investments are liquid and it wants to diversify its investment portfolio with their help.