Bitcoin halved, ARK lost nearly 6 million US dollars from T, and 6 listed companies lost 70 million US dollars in total investment

In mid-February 2021, BlockBeats calculated the profit of listed companies holding Bitcoin when Bitcoin was at $52,000. Among them, MicroStrategy was the biggest profit maker, with its Bitcoin holding bringing the company $2.5 billion in profit. That was followed by Ruffer Investment, which made nearly $900 million in just three months.

Bitcoin, however, is not in a "perpetual bull market." On May 19, the price of Bitcoin dropped 31.17% in a single day, halving from its peak of $64,800.

Limited by the listing rules, listed companies are difficult to be like ordinary users, in a short period of time to sell high and buy low. So how have publicly traded companies, which previously made huge profits from owning bitcoin, fared in the downturn? Rhythm Blockbeats tallied the following information:

Rally note: The current price of bitcoin in this article will be calculated at $36,500.

ARK recorded a paper loss of approximately $6 million on the GBTC transaction in 2021

Rulystatistic the GBTC trading situation since ARK 2021. In 2021, Ark purchased a net of about 740,000 GBTC shares, purchased a cumulative 2.946 million shares and sold a cumulative 2.205 million shares. According to the statistics of GBTC's daily closing price, it can be calculated that the capital cost of the 740,000 GBTC shares currently held is 28.16 million US dollars. However, according to the current GBTC share price of 30.10 US dollars, ARK's book loss is about 5.866 million US dollars.

Of course, if the GBTC negative premium is reduced (currently 18.24%), then ARK's paper loss in GBTC will be further reduced in 2021.

Bitcoin prices close to the cost of owning Tesla, Meitu lost $15 million

Currently, the largest listed company with the largest number of Bitcoins is MicroStrategy, which holds 92,000 Bitcoins, currently worth $3.36 billion and has a paper profit of $1.1 billion.

Unlike most public companies, MicroStrategy does not buy bitcoin with its own money, but instead raises money by issuing convertible bonds. As a result, MicroStrategy is more sensitive to the price of Bitcoins, which may prompt MicroStrategy to sell Bitcoins if the price of Bitcoins is below the average cost price of MicroStrategy's holdings for a long period of time.

The second largest publicly traded Bitcoin holder is Tesla, which currently holds about 38,400 coins worth $1.4 billion and has made a paper profit of about $72.6 million. Tesla made a net profit of $101 million from selling some of its bitcoin in the first quarter, so if you count that profit, Tesla would have made a profit of $174 million.

Square, Marathon Digital Holdings, Hut 8 Mining Corp, Riot Blockchain, Voyager Digital Ltd, Coin Citadel, Bigg Digital Assets, Advanced Bitcoin Technologies AG, DigitalX, Mode Global Holdings, and Net Holding Anonim Sirketi are all currently Holding Bitcoin at a cost lower than the current Bitcoin price.

On top of that, companies like Nexon, Seetee AS, Meitu, Phunware, BlackRock and others hold bitcoin at a cost higher than the current price of bitcoin.

Nexon had the largest paper loss of about $37.32 million. It is a South Korean gaming giant that owns many well-known games such as Kart Run, Dungeon and Warrior, CS OL and CrossFire. It also announced earlier that it would acquire a 65% stake in Bithumb, one of South Korea's largest trading platforms.

There are also some listed companies that have not disclosed their purchase cost, so it is impossible to estimate. The number and current value of Bitcoin held by Blockbeats are as follows:

So far, publicly traded companies are making more money investing in bitcoin than they are losing, but consider that even after a 45% drop from its peak, bitcoin is still up about 25% from its $28,900 price at the start of the year.

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