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Tesla, MicroStrategy, Block Face Hit From Bitcoin

  • Value of stakes probably fell combined $5 billion last quarter
  • CEOs are Bitcoin backers who keep some company cash in tokens
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Bitcoin Jumps Above $22,000 Amid Broad Crypto Rally
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As if the environment weren’t tough enough for one-time stock market high-flyers Tesla Inc., MicroStrategy Inc. and Block Inc., the three companies took an estimated combined hit of $5 billion on their holdings of Bitcoin in the second quarter.

The decline in value reflects the 59% plunge in the cryptocurrency’s price in the period ending June 30. Bloomberg calculated the loss based on the companies’ previous disclosures about their Bitcoin stashes.