Publishing platform Angel Studios has reported $10.6 million in its latest filing to the U.S. Securities and Exchange Commission (SEC). Bitcoin (BTC) announced its purchase.
The company stated that its Bitcoin assets are “highly liquid”. It turns out that Angel Studios actually made this acquisition by selling 1.7 million Class A shares in October. It was stated that the purpose of the purchase is to diversify the company’s revenues.
Company Lost $2.7M After Bitcoin Dropped In December
in December cryptocurrency The company suffered an impairment loss of $2.7 million following a major correction in the market.
In its funding round in January, the company received a $47 million investment spearheaded by venture capitalist Gigafund. Gigafund is known for its investment in the SpaceX company owned by Elon Musk.
As it is known, Elon Musk bought a large amount of Bitcoin to Tesla and sold some of it “to show the liquidity possibility of Bitcoin”. After this sale, which made a big impression at that time, the company has not made any BTC sales until today.
Musk, who previously accepted BTC as payment for automobile sales, decided to stop vehicle sales with BTC due to environmental concerns due to high energy use.
Anger Studios, which defines itself as a community-oriented film studio, distinguishes itself from Hollywood giants with this feature. The company is known for leading some of the most successful crowdfunded media projects.