Time Magazine has partnered up with greyscale to produce a series of educational videos
The partnership was announced by Grayscale CEO Michael Sonnenshein, with Sonnenshein revealing that Time and its president, Keith Grossman, will receive payment in Bitcoin (BTC) and Time does not intend to convert the Bitcoin it receives through the deal into fiat and will hold the crypto asset on its balance sheet.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
According to Bitcointreasuries.com, Time will become the 33rd publicly traded company to hold Bitcoin on its balance sheet. Time joins the ranks of top United States companies including MicroStrategy, which has invested billions into BTC from August 2020; Square, which added 4,709 BTC to its treasury in October; and Tesla, which purchased $1.5 billion worth of BTC in January.
Time was first published on March 3, 1923 and has been very active in the crypto space lately. Time cashed in on the NFT mania by dropping a set of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – January 19th, 1959” non-fungible token fetching 135 Ether (ETH) worth almost $250,000 on March 30.
In a LinkedIn job listing, Time also revealed it was seeking a crypto-friendly chief financial officer.
“The media industry is undergoing a rapid evolution. TIME is seeking a Chief Financial Officer who can help guide its transformation,” the job listing said.
Grayscale was founded in 2013 and has $46 billion worth of crypto assets under management, including roughly 3% of Bitcoin’s total circulating supply.
Victor Nnadi is an Independent Economics Researcher and a Securities Trader.