Big news in the labor movement! IATSE Local 728, that’s a massive 3,000-strong chapter of The International Alliance of Theatrical Stage Employees and related crafts—the folks who bring magic to life behind the scenes—just made a groundbreaking move. They’ve taken a bold step into the future by purchasing Bitcoin as an investment, marking a historic first for the union, according to a press release shared with Bitcoin Magazine. This exciting initiative received overwhelming support from its members and was made possible with the help of Proof of Workforce, a really cool nonprofit that’s all about educating and empowering unions to understand and adopt Bitcoin.

IATSE Local 728 explained that their long-held values of service, strength, and solidarity are at the heart of this decision to invest in Bitcoin. It’s all about bolstering their mission to secure the financial well-being of their members. “Today, we’re making history!” the union declared. “We’re incredibly proud to be the first private-sector labor union in the country to add Bitcoin to our books and, importantly, to hold it ourselves.” This initiative was spearheaded by key figures within IATSE Local 728: Treasurer Pascal Guillemard, former Executive Board Member Jason Lord, and current Board Member David Graves, working hand-in-hand with Dom Bei, the founder of Proof of Workforce.

Speaking from the newly formed IATSE Local 728 Bitcoin Advisory Board, they highlighted, “Since 1939, IATSE Local 728 has been at the forefront of safety, technology, and training in the entertainment industry. Our members are the real ‘proof of work’ powering the greatest productions ever made – and now, we’re bringing that same spirit of innovation to the world of finance. Taking this step as the first private-sector labor union to put Bitcoin on our balance sheet and manage it directly is a powerful statement about our commitment to financial security and empowering our workforce.”

The union went on to passionately explain the driving force behind this move: “This is fundamentally about safeguarding the value of our members’ hard-earned labor. Bitcoin isn’t just another asset; it’s the most robust and decentralized financial network out there, resistant to manipulation and the creeping effects of inflation. While we see governments and traditional financial systems sometimes diminishing the value of workers’ wages, we’re grabbing the reins and taking control. This isn’t some risky gamble; it’s a calculated, strategic move. We are learning, we are building, and we are leading the way forward.”

Looking beyond their own members, IATSE Local 728 envisions this decision as sparking a wider revolution within the entire labor movement. “For too long, unions have been playing defense in a system that often feels stacked against working people. But that’s changing now. With Bitcoin, we’re not just negotiating contracts – we’re actively building economic freedom. We’re setting a new standard. We’re taking decisive action. We’re proving that unions aren’t just about fighting for today; we’re about building a stronger future for our members and for labor as a whole.”

Beyond simply holding Bitcoin as an asset, IATSE Local 728 is serious about digging deeper. They’re establishing a dedicated committee that will explore all the ways Bitcoin can provide lasting financial security for union members and their families. This committee will also work on strengthening the union’s connection and contribution to the Bitcoin network itself.

Proof of Workforce enthusiastically applauded IATSE 728’s pioneering step in adopting Bitcoin as a reserve asset. “At Proof of Workforce, we know that within every organization, there’s someone who gets the incredible potential of Bitcoin,” they stated. “Our mission is to equip those individuals with the resources to educate and guide their organizations towards responsible Bitcoin adoption. IATSE Local 728 perfectly embodies the ‘proof of work’ ethic that goes into creating the world’s best entertainment. Their members are the dedicated lighting professionals behind countless iconic motion pictures and TV shows, always pushing for the highest standards. Now, they’re exploring a groundbreaking financial network that truly aligns with their values and that same ‘proof of work’ spirit. It’s official: Lights, Camera, Bitcoin!”

As the very first private-sector union to weave Bitcoin into its financial strategy, IATSE Local 728 isn’t just making headlines; they’re potentially creating a blueprint for other private-sector unions across the nation to consider following.

On a related note, just yesterday, Dom Bei, who played a key role in assisting IATSE 728, announced his candidacy for a seat on the board of the California Public Employees’ Retirement System (CalPERS). Bei launched his campaign with impressive backing, including endorsements from California legislators and Vancouver Mayor Ken Sim.