The Crypto Selloff Wiped $7 Billion Off Corporate Balance Sheets
At least 26 public corporations are holding bitcoin on their balance sheets, according to data compiled by cryptocurrency analytics firm CoinGecko. Since the price of cryptocurrencies began to plummet in November, they've collectively lost nearly $7 billion. Quartz reports: The price of Bitcoin peaked above $67,000 on Nov. 8, but has since fallen 46%. Corporate crypto holdings for the largest 26 totaled at least $14.7 billion at the height of the rally. As of Jan. 26, they're worth $8 billion. The companies -- which include electric carmaker Tesla, financial services startup Square, and South Korean video game developer Nexon, along with a slew of crypto miners, exchanges, and investment firms -- hold 217,240 bitcoin. That's a little more than 1% of all the bitcoin in the world.
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