TIME Joins Tesla in Keeping BTC on Its Balance Sheet
1 min read
It was only a matter of TIME.
One of the most recognizable publications in the world, TIME Magazine will now be receiving some payments in BTC, according to Grayscale CEO Michael Sonnenshein. What’s more, unlike some people, it won’t be immediately converting that crypto to fiat.
“Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space,” Sonnenshein tweeted today. “Equally as important, @KeithGrossman & @TIME has agreed to be paid in #BTC – and will hold the $BTC on their balance sheet. A first for our media partnerships!”
Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space.
Equally as important, @KeithGrossman & @TIME has agreed to be paid in #BTC – and will hold the $BTC on their balance sheet. A first for our media partnerships!
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
TIME President Grossman retweeted the news, blessing the partnership over Twitter.
Grayscale is a cryptocurrency asset manager that holds over 3% of the BTC in circulation via its Grayscale BTC Trust. No further details were available regarding its TIME partnership.
TIME won’t be the first non-crypto company to keep BTC on its balance sheet. Cloud software company MicroStrategy and payment processing firm Square pioneered that approach. When electric automaker Tesla bought $1.5 billion in BTC earlier this year, it announced in SEC filings that it may keep any BTC it receives for car purchases. It has since confirmed that strategy.
