Tesla, MicroStrategy, and Block lost a combined $5 billion from Bitcoin. Some of the biggest crypto enthusiasts had also become the ones hit with the biggest loss in this crypto bear market.
Companies Investing In BTC
According to a new report by Bloomberg, Tesla, MicroStrategy, and Block took an incredibly big hit with the declined price of Bitcoin as the three companies took an estimated combined hit of $5 billion on their holdings of Bitcoin in the second quarter.
The decline in value reflects the 59% plunge in the cryptocurrency’s price in the period up to June 30th. Bloomberg had reportedly calculated this loss based on the companies’ previous disclosures about their Bitcoin stashes.
The Electric car giant Tesla, led by Elon Musk, had one of the biggest considerable losses. Earlier last year, Musk had bought around $1.5 billion worth of the token, however, he had recently announced that he sold 75% of those Bitcoin assets. Considering the fact that Bitcoin’s price had fallen to $23,000 now, Musk had sold those assets at a considerable loss.
MicroStrategy, run by Chief Executive Officer and a major Bitcoin enthusiast, Michael Saylor, was one of the first public companies to invest in Bitcoin in 2020. And since then, Saylor has made many bold moves in his BTC investments, even spending a total of over $4 billion to buy Bitcoin.
Block, led by co-founder of Twitter, Jack Dorsey, is also considered to be one of the biggest Bitcoin-investing companies, with a reported $366 million worth of BTC on March 31st.
According to CoinGecko, there are around 27 public companies that have invested in Bitcoin, and while most of them are crypto miners and financial service firms, it’s reported that more than 85% of the Bitcoins held at public companies were held by MicroStrategy, Tesla, and Block.
All three companies have been hit with an incredibly big loss from their Bitcoin investments as BTC still struggles to return to its all time high price of $68,000 from back in November of 2021.For more info regarding Crypto Alpha and NFTs Alpha. Always follow us at Twitter and Instagram