TIME Partners Up With Grayscale, Agrees To Be Paid In BTC

TIME Partners Up With Grayscale, Agrees To Be Paid In BTC

Fund manager Grayscale has partnered up with New York magazine — TIME. The partnership will produce an educational crypto video series. As a media industry’s first, the company will be paid in Bitcoin.

Grayscale’s CEO, Michael Sonnenshein announced the partnership in April. He also revealed that TIME magazine and its president, Keith Grossman, will receive payment in Bitcoin.

Additionally, TIME does not plan to convert the Bitcoin it will receive into fiat. Instead, stating that it will hold the crypto-asset on its balance sheet. Both companies have not shared any further details so far.

TIME magazine was first published on March 03, 1923. Lately, it has become active in the crypto space with both its magazine and online publications. Grayscale was founded in 2013 and has $46 billion worth of crypto assets under management, including roughly 3% of Bitcoin’s total circulating supply. This deal marks a significant partnership between giants of the pop culture and crypto worlds.

Along with taking interest in holding Bitcoin, TIME also acknowledged the NFT mania in March. It dropped a set of tokenized magazine covers on the NFT marketplace SuperRare as well. The ‘TIME Space Exploration – January 19, 1959’ NFT fetched 135 ETH worth almost $250,000 on March 30.

Of note, TIME will become the 33rd publicly-traded company to hold Bitcoin on its balance sheet. Also, TIME joins the ranks of top U.S. companies such as Microstrategy (NASDAQ:MSTR) which have invested billions into BTC from August 2020. This also includes Square which added more BTC to their treasury in October, and Tesla (NASDAQ:TSLA) purchased $1.5 billion worth of BTC in January.

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