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Cam Thompson is a news reporter at CoinDesk.

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Utah-based movie studio Angel Studios added $10.6 million in bitcoin (BTC) to its treasury through a stock sale in October, according to Securities and Exchange Commission filings.

  • “​​On October 18, 2021, the Company sold 1,685,392 shares of its Class A common stock at the average price of $9.28 per share. The Company received $4,999,993 in cash, and the equivalent value of $10,649,895 in bitcoin for the shares,” one of the documents said.
  • A source familiar with the matter said venture capital funds Uncorrelated Ventures and Gigafund participated in the indie studio’s Oct. 18 sale. The source confirmed that Angel Studios sold equity for bitcoin but would not say who paid in the crypto.
  • Angel Studios and Gigafund did not respond by press time. Uncorrelated Ventures declined to comment.
  • Notable companies from MicroStrategy (MSTR) to Tesla (TSLA) have bitcoin on their balance sheets, but few U.S. corporations are known to have acquired it through a bitcoin-denominated share sale.
  • Twitter account MacroScope noted that Angel Studios is backed by Gigafund, a venture capital firm aligned with Elon Musk through its founder “PayPal Mafia” member Luke Nosek and its investment in Musk companies.
  • Angel Studios reported a $2.7 million impairment loss on its bitcoin at the end of 2021.

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Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.


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CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.