Tesla set the tone for accepting payments in Bitcoin and holding the coins. More companies are expected to follow Tesla’s footsteps, and the Time Magazine has become one of the first companies to hold BTC in its balance sheets.
Time Magazine to hold BTC on its balance sheet
Grayscale Investments has partnered with the Time Magazine, a deal which would see the media house create a new educational cryptocurrency video series. The century-old publication will make the series, and it is expected to come out this summer.
Michael Sonnenshein, the CEO of Grayscale, announced the deal on Twitter earlier today.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
In his tweet, Sonnenshein revealed that Time and its president Keith Grossman have agreed to hold the BTC on its balance sheet. This latest development makes Time Magazine one of the first publications to hold the leading cryptocurrencies on its balance sheet.
Following this announcement, Time Magazine joins the likes of Tesla (TSLA), MicroStrategy, Square, and others who hold the leading cryptocurrency on their balance sheets as a store of value assets.
Time seeks to expand its presence in the crypto space
The 98-year old publication has been seeking to expand its presence in the cryptocurrency space. A few weeks ago, Time Magazine posted a job for a new CFO and added that one of the qualifications is for the candidates to be comfortable with Bitcoin and other cryptocurrencies.
The job post showed that Time already had the intention of gaining exposure to the leading cryptocurrency. Time also sold three of its covers as NFTs as it becomes more involved in the cryptocurrency space.