Tesla, MicroStrategy, and Block have lost a combined $5 billion from Bitcoin's decline

07/22 07:29

There are at least 27 public companies with Bitcoin on their balance sheet, according to CoinGecko. While most of them are cryptocurrency miners and financial service firms, more than 85% of the Bitcoins held at public companies were with software company MicroStrategy, carmaker Tesla and payments provider Block. As if the environment weren’t tough enough for one-time stock market high-flyers Tesla Inc., MicroStrategy Inc. and Block Inc., 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 ending June 30. Bloomberg calculated the loss based on the companies’ previous disclosures about their Bitcoin stashes. While those are paper losses only for MicroStrategy and Block until they sell, Tesla has locked in some of the drop: The carmaker unloaded the majority of its Bitcoin in the quarter, and an impairment hurt profitability, it said Wednesday.

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