IATSE Local 728, representing 3,000 members from The International Alliance of Theatrical Stage Employees, has marked a milestone by making its first foray into Bitcoin investment, as revealed in a recent press release shared with Bitcoin Magazine. This groundbreaking move was given the green light by an overwhelming majority of its members and was facilitated by Proof of Workforce, a nonprofit organization committed to educating unions about Bitcoin adoption.
A Twitter post from Proof of Workforce highlighted this significant development by noting, “𝐉𝐔𝐒𝐓 𝐈𝐍: 🎥 IATSE Local 728 adds bitcoin to the balance sheet, potentially being the first private sector union in the U.S. to hold Bitcoin!”
Rooted in a tradition of service, solidarity, and strength, IATSE Local 728’s investment in Bitcoin is seen as a step towards enhancing financial security for its members. As stated by the union, “We are making history today by being the first private-sector labor union in the nation to integrate Bitcoin into our financial plans and maintain it in self-custody.” This initiative was spearheaded by Treasurer Pascal Guillemard, past board member Jason Lord, and current board member David Graves, in collaboration with Dom Bei, the founder of Proof of Workforce.
The IATSE Local 728 Bitcoin Advisory Board expressed, “Since 1939, we’ve been trailblazers in the entertainment sector for safety, technology, and training. Our members are the driving force behind the greatest productions—now, we’re bringing that innovative spirit to our financial strategies. By holding Bitcoin on our balance sheet and securing it ourselves, we are advocating for financial stability and empowering labor.”
The union emphasized that this move is about safeguarding the value of its members’ labor. They recognized Bitcoin as not just an asset but as the most secure, decentralized financial network, resistant to manipulation and inflation. In a financial landscape where governments can print money at will and institutions can erode worker wages, this strategy is about taking control, not gambling. “We are learning, constructing, and leading the charge,” they asserted.
Beyond their internal decision, IATSE Local 728 envisions this action as a potential game-changer for the broader labor movement. With Bitcoin, the union aims to move beyond merely negotiating contracts to securing economic freedom and setting a precedent for others. “We are demonstrating that unions don’t just fight for the present; they build for the future.”
Aside from investing in Bitcoin, the union plans to form a standing committee to explore long-term security options for its members and their families using Bitcoin. This committee will also work to integrate the union’s support into the broader Bitcoin network.
Proof of Workforce commended IATSE 728’s pioneering role in adopting Bitcoin as a reserve asset. They noted, “Every organization has the potential to tap into the true promise of Bitcoin. Our mission is to empower those within organizations to introduce education-driven and responsible adoption strategies. IATSE Local 728 showcases the hard-earned expertise in motion picture and television lighting, maintaining industry-leading standards. They are ready to explore a new, innovative network aligned with their values. It’s time for Lights, Camera, Bitcoin!”
By being the trailblazer in merging Bitcoin into its financial framework, IATSE Local 728 inspires other private-sector unions to consider similar initiatives across the country.
Separately, Dom Bei announced his candidacy for a position on the California Public Employees’ Retirement System (CalPERS) board. Launching his campaign with significant endorsements, including those from California lawmakers and Vancouver’s Mayor Ken Sim, Bei revealed his commitment to supporting workers and wage-earners.
Dom Bei tweeted his intentions, “I’ve dedicated over ten years to supporting workers. Now, I’m running for the CalPERS Board of Trustees to safeguard our nation’s largest public pension, serving over 2 million participants!”
