“The Company believes in the long-term potential of digital assets as an investment. The Company may increase or decrease its holdings of digital assets at any time based on our view of market conditions.”

Institutional investment in cryptocurrency

Another notable company investing in cryptocurrency is MicroStrategy, with investment spearheaded by Bitcoin proponent Michael Saylor. MicroStrategy currently holds nearly $3 billion USD worth of Bitcoin and has expressed no signs in slowing down its Bitcoin investment.

Galaxy Digital Holdings, a crypto investment management firm, also holds crypto on its balance sheets. In the first quarter of this year, the company reportedly took a $111.7 million USD loss due to unrealized losses on its crypto portfolio. Following this news, MicroStrategy’s Saylor commented that if MicroStrategy were to suffer similar losses, the company would cover the debt – a note to assure investors that they didn’t need to worry about their funds.

Townsquare has not commented on any loss mitigation strategy in place, or whether it intends to add to its Bitcoin holdings aggressively yet.