CoinShots Logo
Netflix Rival Angel Studios Added $10.6B In Bitcoin To Its Treasury According To SEC Filings
Angel Studios’ October 2021 fundraise featured Uncorrelated Ventures and Gigafund, the Elon Musk-aligned VC.
Uzma D.
5:54 3rd May, 2022
Markets

Utah-based movie studio Angel Studios added $10.6 million in bitcoin to its treasury through a stock sale last October, according to SEC 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 VC 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 to Tesla 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.

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.