If there was any doubt that the world has advanced to what many are now referring to as the Bitcoin age, it was killed when IATSE Local 728, a 3,000-member chapter of the 170k+ union behind entertainment, made history by making its first Bitcoin investment.
The initiative was approved by many of its members and was executed with the assistance of Proof of Workforce, a nonprofit on a mission to help unions adopt Bitcoin via education-based initiatives.
𝐉𝐔𝐒𝐓 𝐈𝐍: 🎥 IATSE Local 728 adds bitcoin to the balance sheet, potentially becoming the first private sector union in the U.S. to hold Bitcoin!
Local 728 is a 3k member chapter of the 170k+ union behind entertainment
Lights💡Camera 🎥 BITCOIN ⚡️!! pic.twitter.com/eL4c5kJCCz
— Proof of Workforce (@workforcebtc) March 13, 2025
Why IATSE is getting involved with BTC
IATSE Local 728 has been a champion for its members, offering service, strength, and solidarity. Its decision to invest in Bitcoin at this time is in alignment with its mission to preserve the financial security of its members.
“Today, we make history as the first private-sector labor union in the country to put Bitcoin on our balance sheet and hold it in self-custody,” the union shared in a statement.
The effort was spearheaded by IATSE Local 728 Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, with help from Proof of Workforce founder Dom Bei.
“IATSE Local 728 has led the entertainment industry in safety, technology, and training since 1939. Our members have been the proof of work behind the greatest productions in history—now, we’re bringing that same innovation to finance,” said the IATSE Local 728 Bitcoin Advisory Board. “As the first private-sector labor union in the country to put Bitcoin on its balance sheet and hold it in self-custody, we are taking a stand for financial security and labor empowerment.”
They said it is about preserving the value of their members’ labor. “Bitcoin isn’t just an asset, it’s the most secure, decentralized financial network in the world, immune to manipulation and inflation,” the statement continued.
“While governments print money and financial institutions strip workers of their wages, we are taking control. This isn’t a gamble. It’s a strategy. We are learning, building, and leading,” the union continued.
IATSE Local 728 plans to use Bitcoin to fight a system rigged against workers
Beyond its own membership, IATSE Local 728 believes its purchase of BTC will be a catalyst for a broader transformation within the labor movement.
“For too long, unions have played defense in a system rigged against workers. That ends now. With Bitcoin, we aren’t just negotiating contracts, we are securing economic freedom. We are setting the standard. We are taking action. We are proving that unions don’t just fight for today, they build for the future,” the union said.
IATSE Local 728 will not only hold Bitcoin on the balance sheet, a standing committee will also be established to explore ways Bitcoin can provide long-term security for IATSE Local 728 members and their families. The committee will also help integrate the union’s support into the Bitcoin network.
Proof of Workforce posted news about IATSE Local 728’s purchase of BTC via X, formerly Twitter. It also praised IATSE Local 728’s leadership for taking a step forward by adopting Bitcoin as a reserve asset.
“At Proof of Workforce, we understand that within every organization exists someone who has discovered the true potential of Bitcoin. Our mission is to provide that person with the tools to introduce education-based and responsible adoption to their organization,” a statement from them read.
IATSE Local 728 is a representation of the Proof of Work linked to some of the best entertainment in the world. They have members who work hard in motion picture and television lighting, ensuring the highest standards in the industry.
Being the first private-sector union to integrate Bitcoin into its financial strategy, IATSE Local 728 has become a pioneer that could inspire other private-sector unions across the country to do the same thereby unlocking access to a previously closed target audience.
Bitcoin adoption in the public sector
Unlike the private sector, the public sector, which consists of entities like government agencies or state-owned companies moves more cautiously where cryptocurrency is concerned because of regulatory constraints.
Nevertheless, there have been cases of individuals from the public sector advocating for Bitcoin adoption. Dom Bei, who played a big role in IATSE Local 728’s Bitcoin adoption through his nonprofit Proof of Workforce, recently announced he’s running for a seat on the board of the California Public Employees’ Retirement System (CalPERS).
His campaign has seen massive endorsements, including from California legislators and the city of Vancouver Mayor Ken Sim. California Public Employees’ Retirement System (CalPERS) is one of the largest public pension funds in the United States, managing retirement benefits for public employees in California.
Bei’s campaign supports integrating Bitcoin into CalPERS’ investment strategy, promoting it as a hedge against inflation and a means to secure long-term financial stability for public employees.
CalPERS is yet to adopt Bitcoin, but many believe that Bei’s candidacy is proof of a push from within the public sector ecosystem to explore the possibility. If successful, this could mark a significant shift in the public sector towards Bitcoin adoption. However, it is all speculation for now.
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