Angel Studios Received $10M In Bitcoin For Shares Last October: SEC

Utah-based streaming platform Angel Studios received $10.6 million worth of Bitcoin for the shares it sold in October, last year, according to the U.S. Securities and Exchange Commission (SEC) filing.

The SEC filing noted that the company sold 1,685,392 shares of its Class A common stock at the average price of $9.28 per share on Oct. 18.

“The Company received $4,999,993 in cash, and the equivalent value of $10,649,895 in bitcoin for the shares,” the document said.

The company states that its Bitcoin holdings are “highly liquid.”

A source familiar with the development told CoinDesk that venture capital funds Uncorrelated Ventures and Gigafund participated in the indie studio’s Oct. 18 sale.

Meanwhile, Twitter account MacroScope noted that Angel Studios is backed by Gigafund, a VC firm aligned with Tesla’s Elon Musk through its founder “PayPal Mafia” member Luke Nosek and its investment in Musk companies.

Angel Studios pitches itself as a community-driven movie studio, which sets it apart from Hollywood behemoths.

In December, Angel Studios reported a $2.7million impairment loss on its Bitcoin after the cryptocurrency market experienced a massive correction.

It should be noted that companies like MicroStrategy and Tesla have Bitcoin on their balance sheets, but few U.S. corporations are known to have acquired it through a Bitcoin-denominated share sale.