{"id":13348,"date":"2022-07-24T12:02:46","date_gmt":"2022-07-24T12:02:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/tesla-microstrategy-block-bitcoin-bet-hit-stood-at-5b-in-q2\/"},"modified":"2022-07-24T12:02:46","modified_gmt":"2022-07-24T12:02:46","slug":"tesla-microstrategy-block-bitcoin-bet-hit-stood-at-5b-in-q2","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/tesla-microstrategy-block-bitcoin-bet-hit-stood-at-5b-in-q2\/","title":{"rendered":"Tesla, MicroStrategy, Block bitcoin bet hit stood at $5B in Q2"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<ul>\n<li><strong><em>Tesla, MicroStrategy and Block owned about 85% of Bitcoin held by public companies, currently numbering 27 according to data by CoinGecko.<\/em><\/strong><\/li>\n<li><strong><em>The three companies faced paper losses of up to $5 billion as Bitcoin price fell to $18,700 in June.<\/em><\/strong><\/li>\n<li><strong><em>Tesla sold 75% if its bitcoins in Q2.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\">MicroStrategy, Tesla and Block (formerly Square) saw their combined Bitcoin (BTC) holdings shrink by $5 billion in value during the second quarter of 2022, <em>Bloomberg<\/em> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-21\/tesla-microstrategy-block-face-hit-from-bitcoin-tech-watch\" rel=\"noopener noreferrer\" target=\"_blank\"><u>reported<\/u><\/a>.<\/p>\n<p dir=\"ltr\">The hit comes after a 59% dive for BTC price in the quarter, with the calculations reflecting the three companies\u2019 holdings based on previously disclosed figures.<\/p>\n<p dir=\"ltr\">For Michael Saylor\u2019s MicroStrategy and Jack Dorsey\u2019s Block, these are only paper losses since the companies have not declared any sales of Bitcoin within the period.<\/p>\n<p dir=\"ltr\">Data from CoinGecko\u00a0<a href=\"https:\/\/www.coingecko.com\/en\/public-companies-bitcoin\" rel=\"noopener noreferrer\" target=\"_blank\"><u>shows<\/u><\/a> MicroStrategy holds 129,218 bitcoins acquired at a combined value of $4 billion, while Block holds 8,027 bitcoins that were valued at over $366 million in March.\u00a0<\/p>\n<p dir=\"ltr\">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.<\/p>\n<h2>$5 billion \u2018paper losses\u2019<\/h2>\n<p dir=\"ltr\">As Bitcoin price fell below $20,000 in June, with prices around $18,700 on June 30, the three firms\u2019 combined losses were around $5 billion.<\/p>\n<p dir=\"ltr\">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.<\/p>\n<p dir=\"ltr\">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\u2019s Q2 earnings report on 2 August. Block is also set to release its results on 4 August.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/microstrategy-tesla-block-faced-a-5-billion-hit-on-their-bitcoin-bet-in-q2\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Tesla, MicroStrategy and Block owned about 85% of Bitcoin held by public companies, currently numbering 27 according to data by CoinGecko. The three companies faced paper losses of up to $5 billion as Bitcoin price fell to $18,700 in June. Tesla sold 75% [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":13349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13348"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13348"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13349"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}