(Crypto) Action! Indie Movie Studio Received $10M in Bitcoin for Shares in October

Angel Studios’ 2021 fundraise featured Uncorrelated Ventures and Gigafund, the Elon Musk-aligned VC.

AccessTimeIconMay 3, 2022 at 12:08 a.m. UTC
Updated May 11, 2023 at 5:33 p.m. UTC

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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