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TIME Magazine has been active in the crypto space lately. TIME Magazine is taking further steps towards crypto adoption, as revealed today by Grayscale CEO Michael Sonnenshein. Institutional fund manager Grayscale has collaborated with acclaimed New York-based magazine TIME to create an educational video series on the topic of crypto assets. Moreover, TIME also intends to hold Bitcoin on its balance sheet. This means that the firm is investing similar to those made by Tesla and MicroStrategy in the current months.
Additionally, Keith Grossman, who has functioned as the TIME president since July 2019, will be paid in Bitcoin. Furthermore, TIME will not convert the Bitcoin it receives via the deal into fiat and will hold the crypto-asset on its balance sheet. Sonnenshein did not mention how much Bitcoin TIME plans to purchase or how much Grossman will receive as payment. Nevertheless, it seems possible that the firm will make a multi-million dollar investment.
TIME receives Bitcoin Payments for Subscriptions
This is one of the various crypto-based announcements that TIME Magazine has revealed over the past month. Since March, TIME converted multiple of its class magazine covers into NFT tokens and auctioned them. TIME cashed in on the NFT craze by releasing a set of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – January 19, 1959” NFT bringing 135 ETH worth approximately $250,000 on March 30. TIME has also declared that it will receive Bitcoin payments for subscriptions. Additionally, it also posted job postings for hiring a CFO accustomed to Bitcoin.
TIME will become the 33rd publicly-traded company to possess Bitcoin on its balance sheet. TIME enters the series of top U.S. companies Microstrategy, which have funded billions into BTC from August 2020. Also, Square, which added 4,709 Bitcoin to their treasury in October. And Tesla, acquired $1.5 billion worth of Bitcoin in January. Blackrock also started entering crypto during February, gaining more than $360,000 from a small long utilizing Bitcoin futures.
This collaboration between Grayscale and TIME indicates a significant alliance among giants of the mainstream and crypto worlds. Grayscale was established in 2013 and has $46 billion worth of crypto AUM, involving approximately 3% of Bitcoin’s total circulating supply. TIME came into existence in 1923, with the magazine and online publication active in the crypto space recently.
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