TIME Magazine, a renowned New York-based publication, is diving deeper into the cryptocurrency space by partnering with Grayscale Investments to launch a crypto-focused educational video series. In addition to this collaboration, TIME plans to hold Bitcoin (BTC) on its balance sheet, following the lead of companies like Tesla and MicroStrategy.
Grayscale and TIME’s Crypto Collaboration
Educational Video Series
Grayscale CEO Michael Sonnenshein announced the partnership with TIME, emphasizing the importance of educating the public about crypto assets. The video series aims to make cryptocurrency concepts accessible to a broader audience.
- Keith Grossman, TIME’s president since 2019, will receive his payment for the project in Bitcoin.
- TIME plans to retain the Bitcoin on its balance sheet rather than converting it into fiat currency.
A Milestone for Crypto Adoption
This collaboration signals a growing alignment between traditional media and the cryptocurrency sector, with TIME taking a leadership role in bridging these worlds.
TIME Magazine’s Growing Crypto Involvement
Bitcoin Payments and NFTs
TIME Magazine has made several strides in embracing cryptocurrency and blockchain technology:
- Bitcoin for Subscriptions: TIME now accepts Bitcoin as payment for subscriptions.
- NFT Ventures: In March, TIME auctioned tokenized versions of its iconic magazine covers on the NFT marketplace SuperRare, earning 135 ETH (approximately $250,000) for a single NFT.
Hiring for Crypto Expertise
TIME has also sought to hire a Chief Financial Officer with expertise in Bitcoin, further signaling its commitment to integrating cryptocurrency into its operations.
Bitcoin on TIME’s Balance Sheet
TIME’s decision to hold Bitcoin makes it the 33rd publicly traded company to do so, joining major U.S. corporations such as:
- MicroStrategy: Holds billions in Bitcoin since its initial investment in August 2020.
- Square: Acquired 4,709 BTC in October 2020.
- Tesla: Purchased $1.5 billion worth of Bitcoin in January 2021.
TIME’s move aligns with a growing trend of companies diversifying their treasuries with Bitcoin, leveraging its potential as a hedge against inflation and a store of value.
Grayscale’s Role in Crypto Adoption
Founded in 2013, Grayscale Investments is a leading institutional fund manager with $46 billion in assets under management (AUM). The firm’s holdings include approximately 3% of Bitcoin’s total circulating supply.
- Mainstream Collaboration: The partnership with TIME represents a significant step in blending the worlds of traditional finance and cryptocurrency.
- Institutional Influence: Grayscale continues to lead in driving institutional adoption of digital assets.
Conclusion
TIME Magazine’s partnership with Grayscale and its decision to hold Bitcoin highlight the growing convergence of traditional media and the cryptocurrency industry. By embracing Bitcoin payments, launching NFTs, and producing educational content, TIME is positioning itself as a forward-thinking leader in the digital economy.
As more companies adopt Bitcoin and blockchain technology, collaborations like this pave the way for broader acceptance and integration of cryptocurrency into mainstream society.
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