Musk and Saylor down a combined $1.5B on Bitcoin ( $64,683.00 ) buys

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 ( $64,683.00 ) buys. 

According to Bitcoin ( $64,683.00 ) treasuries.net, the 130,000 and 43,00 Bitcoin ( $64,683.00 ) (BTC) 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 ( $64,683.00 ) 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 June 13, Microstrategy stock (MSTR) plunged to its lowest levels in months.

For Elon Musk, whose Tesla automotive company bought over 40,000 Bitcoin ( $64,683.00 ) during the 2021 bull market, his $1 billion profit has gone south. The cost basis of $1.5 billion for 43,200 BTC, or 0.206% of the total Bitcoin ( $64,683.00 ) supply, is now worth $1 billion ($1,017,789,280), down almost $500 million.

The total impairment loss (the loss in value) shared between the billionaire Bitcoin ( $64,683.00 ) believers is roughly $1.4 billion. Given that both companies are publicly traded, the July quarterly results will dissect precisely how much each company is down on its Bitcoin ( $64,683.00 ) assets.

At one point during November last year, Bitcoin ( $64,683.00 ) surpassed Tesla’s market capitalization. Currently, Tesla’s market cap is roughly $721 billion while Bitcoin ( $64,683.00 ) languishes at less than half a trillion dollars. Equally, the total market cap for crypto is plummeting, falling below one trillion dollars.

For Microstrategy, the situation is darker still. Saylor will have to top up a loan if and when the price of Bitcoin ( $64,683.00 ) hits $21,000.

little reminder that Saylor needs to add collateral around $21k $BTC

snippet from Q1 earnings: pic.twitter.com/OM7haXSk6A

— yeezus 幸栄 (@yeezuscapital) June 13, 2022

Saylor had previously patched things up with investors, sharing that the $205,000,000 loan it had taken out requires $410,000,000 collateral. Nonetheless, moneybags Microstrategy has more than 115,000 BTC it could pledge if the price continues to flatline.

Related: Crypto winter survival guide: Community shares game plan for the bear market

Ultimately, if the fallout from Celsius’ reported ‘insolvency’ spreads, there could be more pain on the horizon. For some Bitcoin ( $64,683.00 ) believers, such as Bitcoin ( $64,683.00 ) ’s first restaurant chain Tahini’s, “nothing has changed.” They will continue to accumulate, albeit at much lower prices.