Streaming Platform Angel Studios Bought $10.6 Million Worth of Bitcoin in 2021

According to a filing with the Securities and Exchange Commission (SEC) made today, the company made the decision to invest in the cryptocurrency as an indefinite-lived intangible asset "to further diversify returns on cash and cash equivalents balances that are not required to maintain adequate operating liquidity.

What's The Link Between Angel Studios And Bitcoin?

Angel Studios is not your typical film studio in the sense that it operates outside of Hollywood. With the studio platform, fans have the ability to direct the creation and distribution of content, while also building communities around individual projects. The studio assists producers in connecting with viewers in order to produce projects that are of interest to the community. On the Angel platform, creators pitch their concepts, and investors (viewers) support the ones that they are most thrilled to see on the big screen.

In October of last year, the Company sold 1,685,392 shares of its Class A common stock at an average price of $9.28 per share, opting to receive a portion of the proceeds in bitcoin by getting paid in the equivalent value of $10,649,895 in bitcoins.

A significant step forward in the usage of digital assets in the entertainment business has been taken with this announcement. Despite the fact that the opinions of major entertainment and movie streaming companies such as Netflix and Amazon Prime on investing in digital assets are not entirely clear, it is possible that they will follow in the footsteps of Angel Studios.