As the bear market bites, holding crypto investments can be a tough pill to swallow. Consider two of the largest bag holders of publicly traded companies. They are down by almost $2 billion dollars on their Bitcoin (BTC) buys.
According to Bitcointreasuries.net, the 130,000 and 43,00 Bitcoin held by Microstrategy and Tesla, respectively, are worth considerable sums less.
For Microstrategy, Michael Saylor splashed out almost $4 billion ($3,965,863,658) on 129,218 BTC, approximately 0.615% of the 21 million total supply. The Bitcoin price nosedive has ripped away earlier gains: The investment is worth $3.1 billion ($3,074,987,824), a loss of $900 million. Plus, in premarket trading on Monday, Microstrategy stock (MSTR) plunged to its lowest levels in months.
For Elon Musk, whose Tesla automotive company bought over 40,000 Bitcoin during the 2021 bull market, his $1 billion profit has gone south. The cost basis of $1.5…
