The hit comes after a 59% dive for BTC price in the quarter, with the calculations reflecting the three companies’ holdings based on previously disclosed figures.
For Michael Saylor’s MicroStrategy and Jack Dorsey’s Block, these are only paper losses since the companies have not declared any sales of Bitcoin within the period.
Tesla, on the other hand, announced it had sold 75% of its Bitcoin (BTC) holdings in the quarter, adding $936 million in cash to its balance sheet. However, the electric carmaker purchased its bitcoin at $1.5 billion.
As Bitcoin price fell below $20,000 in June, with prices around $18,700 on June 30, the three firms’ combined losses were around $5 billion.
The quartet had owned roughly 85% of the BTC held by public companies in the quarter, with 70% of the paper losses marked on MicroStrategy.
Saylor has previously said his company has not sold its Bitcoin, but investors are likely to be keen on seeing this reflected in the company’s Q2 earnings report on 2 August. Block is also set to release its results on 4 August.
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