During the pandemic, a number of companies have retreated from traditional fiat currencies given fears about inflation or currency debasement. 😬
Among those companies are MicroStrategy and Tesla — which have seen big gains on their investments in Bitcoin since jumping on the crypto train.
According to online monitoring resource Bitcoin Treasuries, Michael Saylor’s MacroStrategy (which arguably led the Bitcoin balance sheet charge) has more than doubled its investment. The company holds 114,041 Bitcoin, which was bought at a cost basis of $3.16 billion. Today, it’s worth $6.81 billion.
Tesla, which has the second biggest Bitcoin balance sheet, bought about $1.5 billion worth of $BTC.X back in Feb. 2021. Today, the company holds 43,200 $BTC.X, which is now worth $2.58 billion. These kinds of gains (if exercised in full) would amount to Tesla’s entire Q2 net income. 🤑
And they’re not alone: Square, Marathon Digital Holdings, Coinbase, and many more companies own plenty of Bitcoin. 💰
Given continued concerns about inflation and currency woes, and Bitcoin’s continued rise, investors are asking what other companies might add $BTC.X to the balance sheet. 💭