An up-and-coming streaming platform has bought $10 million worth of Bitcoin
Streaming platform Angel Studios has purchased $10.6 million worth of Bitcoin, according to its recent filing with the U.S. Securities and Exchange Commission.
The company states that its Bitcoin holdings are “highly liquid.” Angel Studios originally made the purchase in October after selling 1.7 million of its Class A shares. The purchase was meant to diversify the company’s returns.
In December, it recorded an impairment loss of $2.7 million after the cryptocurrency market experienced a massive correction.
In January, the company secured $47 million in fresh capital during a funding round led by venture capital firm Gigafund, which is known for its investment in American aerospace manufacturer SpaceX.
Angel Studios positions itself as a community-driven movie studio, which sets it apart from Hollywood behemoths. It has produced some of the most successful crowdfunded media projects.