Grayscale CEO Michael Sonnenshein revealed on Monday that TIME magazine will be adding Bitcoin to its balance sheet.
The CEO announced on Twitter that the American news magazine through a partnership with Grayscale will be producing a video series centered on cryptocurrencies.
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 #Bitcoin - and will hold the $BTC on their balance sheet. A first for our media partnerships!— Michael Sonnenshein (@Sonnenshein) April 12, 2021
According to his announcement, the company will be taking three primary actions. First, is the series of educational videos that will be broadcasted this summer. Second, TIME will hold Bitcoin on its balance sheet. And finally, Keith Grossman, the president of TIME since July 2019, has also agreed to be paid in Bitcoin.
Sonnenshein did not drop any further details on when TIME will make the purchase or how much Grossman will be paid.
Ahead of its investing in Bitcoin, TIME has been prepping to enter into the cryptocurrency space. Back in March, the news magazine published a job opening for a new chief financial officer (CFO) that knows about Bitcoin and other cryptocurrencies.
In the same month, it jumped on the NFT train and sold its most famous covers as non-fungible tokens. One of the covers was purchased for $200,000 by TRON CEO Justin Sun.