Michael Sonnenshein, the CEO of Grayscale, announced today via Twitter that TIME Magazine has partnered with Grayscale to create a new educational crypto video series. The series will be made by the nearly 100-year-old publication and is set to come out this summer.
TIME, as well as TIME’s president Keith Grossman, will be paid in Bitcoin and the company will continue to hold Bitcoin on its balance sheet. The company will now join the likes of MicroStrategy (MSTR), Tesla (TSLA), Square (SQ) and others who hold Bitcoin on their balance sheets as a store of value assets.
Three weeks ago the company posted a job for a new CFO. The job post asked for “comfort with Bitcoin and other cryptocurrencies” in its list of qualifications showing that the company may have already had some intention of Bitcoin exposure in the near future.
TIME also recently sold three of its covers as NFTs, showing further involvement in the crypto industry.
TIME represents the first legacy media brand that will hold Bitcoin, and many are wondering what the implications of this move are.
This news led to some speculation on whether or not other companies owned by Marc Benioff, like Salesforce (CRM), would consider having Bitcoin on its balance sheet too.
While Benioff has not been vocal about Bitcoin or cryptocurrencies, he has expressed his stance indirectly when he invested in Chainalysis, a blockchain analysis company, through his investment fund, TIME Ventures.
Though his investment in Chainalysis is not evidence that Salesforce would hold Bitcoin on its balance sheet like TIME, the investment is an indication that he has faith in the crypto industry’s future.