Renowned Institutional fund manager Grayscale in collaboration with acclaimed New York-based magazine TIME will produce educational video series on the topic of crypto assets.
Within an official announcement earlier in April by Grayscale’s CEO, Michael Sonnenshein, Sonnenshein revealed that TIME and its president, Keith Grossman, will receive payment in Bitcoin.
Additionally, TIME doesn’t require to convert the Bitcoin it receives through the deal into fiat and can hold the crypto-asset on its record. No further details of the partnership are revealed thus far.
TIME was primarily published earlier on 3rd March 1923, with the magazine and online publication having been active within the crypto space lately. Earlier in March, TIME cashed in on the NFT mania by dropping a group of tokenized magazine covers on NFT marketplace SuperRare, with the “TIME Space Exploration – 19th January 1959” NFT fetching 135 ETH worth almost $250k earlier on 30th March.
The company also revealed they were seeking a cryptocurrency-friendly Chief treasurer within the same month after listing the position on Linkedin.
“The media industry is undergoing rapid evolution. TIME is seeking a Chief treasurer who can help guide its transformation,” the listing outlined.
In line with Bitcointreasuries.com, TIME will become the 33rd publicly traded firm to carry Bitcoin on its record. TIME joins the ranks of top United States firm Microstrategy – who have invested billions into BTC from August 2020, Square – who added 4,709 BTC to their treasury in October, and Tesla – that purchased $1.5 Bln worth of BTC earlier in January. Multinational investment corporation Blackrock also began dabbling in cryptocurrencies during February, profiting over $360k from a little long using Bitcoin [BTC] futures.
This deal marks a big partnership between giants of the mainstream and cryptocurrency worlds. Grayscale was founded earlier in 2013 and has $46 Bln worth of crypto assets under management, along with roughly 3% of Bitcoin’s total circulating supply.