New York-based radio network and media company Townsquare Media has invested $5 million in Bitcoin, according to filings with the U.S. Securities and Exchange Commission.

The firm purchased BTC in the first quarter of 2022 without specifying its value at the time of purchase. According to the report, Townsquare Media may increase or decrease its reserves depending on market conditions.

At the end of the quarter, the media company recorded a loss of $400,000 due to changes in the prices of digital assets held on its balance sheet during the reporting period. Townsquare Media considers investments in the first cryptocurrency to be liquid and would like to diversify their investment portfolio with their help.

“As of March 31, 2022, the book value of the company’s digital assets is $4.6 million,” the document says.

According to Bitcoin Treasures, analyst software provider MicroStrategy remains the largest holder of BTC among publicly traded companies. At the time of writing, the firm’s total digital gold value in reserves is around $4 billion.

Earlier, MicroStrategy published financial results for the first quarter of 2022. For the reporting period, it earned $119.3 million on $298 million in expenses. The second figure includes $170.1 million from a negative revaluation of its digital assets.

Recall that the CEO of the company, Michael Saylor, recognized the successful digital gold acquisition policy and promised to continue to follow this strategy.

In May, MicroStrategy announced that it has no plans to liquidate its cryptocurrency reserves.