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Bitcoin (CRYPTO: BTC) plummeted sharply Tuesday, causing a big dent in investors' portfolios, including those of big corporate whales.
What happened: MicroStrategy Inc. (NASDAQ:MSTR), the company that has pioneered Bitcoin's corporate adoption, sits on a reserve of 226,500 BTC, according to data from bitcointreasuries.net.
Following a 5.4% decline in the last 24 hours, King Crypto fell to $59,651, reducing the market value of MicroStrategy's stash to $13.48 billion as of this writing. This meant that the so-called ‘Bitcoin Development' company had unrealized losses of nearly $770 million in the last 24 hours.
The second-largest Bitcoin corporate holder, Marathon Digital Holdings Inc. (NASDAQ:MARA), held 25,000 BTCs worth $1.49 billion, down $90 million in the last 24 hours.
Similarly, tech juggernaut Tesla Inc. (NASDAQ:TSLA) is estimated to hold 9,720 Bitcoins on its balance sheet, worth $579 million. Taking the 24-hour losses into account, Tesla was down $33 million on its Bitcoin investment.
| Company | Bitcoin Holdings | Current Market Value | 24- Hour Paper Losses |
| MicroStrategy | 226,500 | $13.48B | $770M |
| Marathon Digital | 25,000 | $1.49B | $90M |
| Tesla | 9,720 | $579M | $33M |
It’s worth noting that these losses were for the last 24 hours and not on the original purchase price, or cost basis, of the Bitcoin holdings.
See Also: Coinbase Leads The Blockchain Industry’s Unprecedented Donation Spree In 2024 Election
Why It Matters: The losses followed a dramatic decline in the leading cryptocurrency's price in the last 24 hours. Bitcoin hit an intraday low of $58,116, its lowest in more than a week.
Analytics firm Santiment attributed the sharp retrace to the liquidation of overleveraged bullish bets that were pouring in on derivatives exchanges.
Price Action: Shares of MicroStrategy closed 4.69% lower during Tuesday’s regular trading, according to data from Benzinga Pro. Tesla’s stock slid 1.88%, while Marathon Digital shares plunged 4.36%.
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