Streaming Platform Angel Studios Added $10.6 Million in Bitcoin To Its Balance Sheet
Streaming Platform Angel Studios Added $10.6 Million in Bitcoin
Utah-based streaming platform Angel Studios added $10.6 million in Bitcoin to its treasury through a stock sale last October, according to SEC filings.
“On October 18, 2021, the Company sold 1,685,392 shares of its Class A common stock at the average price of $9.28 per share. The Company received $4,999,993 in cash, and the equivalent value of $10,649,895 in bitcoin for the shares,” the document said.
Meanwhile, the Twitter account MacroScope pointed out that Angel Studios is financed by Gigafund, a venture capital firm linked to Tesla CEO Elon Musk through its founder “PayPal Mafia” member Luke Nosek and its investments in Elon Musk-related businesses.
Angel Studios recorded a $2.7 million impairment loss on its Bitcoin in December, following a major fall in the cryptocurrency market. Although firms such as MicroStrategy and Tesla have Bitcoin on their balance sheets, few U.S. companies are known to have purchased it through a Bitcoin-denominated stock sale.
Utah-based Angel Studios is a community-based film company that aims to “put the power of television to the people who are actually watching it.” Watchers can choose what content is sponsored, created, and distributed.
Bitcoin is now trading about $38,000, down from a high of $40,241 on April 29.
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