Tesla, Block and MicroStrategy Losing or Gaining as Bitcoin Plunges in Recent Days?

As bitcoin has plummeted over the past few days, major companies have converged towards the average of their bitcoin purchases. It is noted that some companies are suffering losses.

Tesla, Block and MicroStrategy Losing or Gaining as Bitcoin Plunges in Recent Days?

Many large companies, from MicroStrategy, a US-based software company that provides cloud-based services to Tesla developing electric vehicles, bought BTC between 2020 and 2021. To date, nearly 40 publicly traded companies worldwide have been noted to have bought bitcoin. MicroStrategy made the largest purchase with over 124,000 bitcoins.

The decline in cryptocurrencies over the past few days has severely impacted the cryptocurrency market. Large companies around the world are affected by this decline. According to CoinMarketCap data, Bitcoin is trading at $35,079 at the time of writing. It’s down 4.83 percent in the last 24 hours.

MicroStrategy makes $550 million in profit

MicroStrategy’s average cost per bitcoin is $30,159. The enterprise software company, which made its first BTC purchase for $11,900 in August 2020, is profitable at $550 million.

Tesla makes $137 million

The first Bitcoin purchase was made from electric vehicle manufacturer Tesla in February 2021. Tesla holds about 42,000 BTC. It has an average price of $31,700 per BTC. At the current price, Tesla is found to have earned $137 million.

Block made more than $60 million in profit

The company Block Payments, called Square and rebranded, has lower costs compared to other companies. Block made its first purchase in October 2020. The average cost of the company, which is known to have 8000 BTC, was $27,400. Block’s profits top $60 million on paper.

Businesses lose paper when bitcoin falls

At the current bitcoin price, there are paper loss companies among investors. Gaming company NEXON bought 1,717 bitcoins for $58,226 for $100 million in April 2021. Chinese tech company Meitu bought $50 million worth of BTC in March and April last year. Meitu’s average cost is over $52,000. US-based software company Phunware made Bitcoin purchases for $49,750 and $59,917.

MicroStrategy, Tesla and Block Stocks take a hit as Bitcoin falls

With the crypto market crashing, stocks on exchanges and crypto-related trading firms are showing a downtrend in traditional markets. Michael Saylor-led company Mictostrategy is down nearly 3% from yesterday’s close. It is noted that payments company Block is down 0.44 percent at the close yesterday. In contrast to other companies, electric vehicle manufacturer Tesla was up 0.62%.

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