As the bear market bites, keeping crypto investments can be a difficult pill to swallow. Consider the two largest public company bag holders. Their bitcoin purchases fell by nearly $2 billion.

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According to Bitcointreasuries.net, the 130,000 and 43,000 bitcoins (BTC) held by Microstrategy and Tesla, respectively, are worth significantly less.

The best bitcoin hodlers according to Bitcointreasuries.net
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For Microstrategy, Michael Saylor spent almost $4 billion ($3,965,863,658) on 129,218 BTC, which is roughly 0.615% of the total supply of 21 million. The fall in Bitcoin prices wiped out previous gains, with an investment valued at $3.1 billion ($3,074,987,824) and a loss of $900 million. In addition, Microstrategy (MSTR) stock fell to its lowest level in months in premarket June 13.

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For Elon Musk, whose car company Tesla bought more than 40,000 bitcoins during the 2021 bull market, his $1 billion profit fell south. The $1.5 billion base cost of 43,200 BTC, or 0.206% of total bitcoin supply, is now worth $1 billion ($1,017,789,280), almost $500 million less.

The total impairment loss (loss of value) shared among the billionaires who believe in bitcoin is approximately $1.4 billion. Given that both companies are publicly traded, the July quarterly results will show exactly how much each company has lost its bitcoin holdings.

At one point last November, Bitcoin surpassed Tesla’s market capitalization. Tesla currently has a market capitalization of roughly $721 billion, while Bitcoin is worth less than half a trillion dollars. Similarly, the total market capitalization of crypto is plummeting, dropping below one trillion dollars.

For Microstrategy, the situation is even bleaker. Sailor will have to top up the loan if and when the price of bitcoin hits $21,000.

Sailor previously settled with investors, sharing that the $205,000,000 loan he took out requires $410,000,000 in collateral. However, the Microstrategy moneybags have over 115,000 BTC to mortgage if the price stays the same.

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Ultimately, if the ramifications of the Celsius “insolvency” report spread, more problems could be on the horizon. For some Bitcoin proponents, like Bitcoin’s first restaurant chain Tahini’s, “nothing has changed.” changed“. They will continue to accumulate, albeit at much lower prices.