On June 15th, as the price of bitcoin continued to fall, electric car manufacturer, Tesla lost about $530 million in investing in bitcoin. In early 2021, Tesla spent $1.5 billion to buy a lot of Bitcoin. Tesla’s investment in Bitcoin has also taken a heavy toll as Bitcoin’s price has fallen, currently at its lowest level since December 2020.
The current price of Bitcoin is $22,499.99, compared to $69,044.77 last November. In 8 months, Bitcoin has lost 67.5%. According to relevant data, Tesla currently holds 43,200 bitcoins, worth $968 million, and investing in bitcoin has lost about $530 million. When Tesla reports its second-quarter earnings in July, it should report losses related to its bitcoin investments.
Tesla claims that the purpose of its investment in Bitcoin is to diversify sources of liquidity and make asset allocation more flexible. The investment paid off in the first few months of Tesla’s purchase of bitcoin, especially when bitcoin hit an all-time high of $69,044.77 on November 10 last year, Tesla made a lot of money Full. But now it has turned to losses.
In addition to Tesla, MicroStrategy, a software company led by billionaire Michael Saylor, has also lost a lot of money investing in bitcoin. MicroStrategy currently holds 129,218 bitcoins, with a total purchase price of $3.97 billion, but it has now shrunk to $2.895 billion, with a book loss of more than $1 billion.
The fintech company Block, led by Jack Dorsey, the founder of personal social media Twitter, currently holds 8,027 bitcoins and spent $220 million at the time of the purchase. According to relevant data, this batch of digital assets is now only worth $180 million. Block lost nearly $40 million.
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