The recent downturn in Bitcoin’s price has reignited debate around corporate crypto investments. As volatility shakes investor confidence, many are asking: Are institutions panicking? Who's underwater, and who's still sitting on gains?
To answer these questions, we examine the Bitcoin and Ethereum holdings of four major companies—Tesla, Nexon, MicroStrategy, and Meitu—to analyze their entry costs, current positions, and potential strategies moving forward.
This deep dive isn’t just about numbers—it reveals broader trends about institutional adoption, risk tolerance, and the evolving narrative of Bitcoin as a digital store of value.
Why Companies Buy Cryptocurrency
Before dissecting individual cases, it's important to understand the common rationale behind corporate crypto purchases:
- Hedge against inflation
- Diversify cash reserves
- Preserve long-term purchasing power
With global central banks flooding markets with liquidity post-pandemic, traditional fiat reserves lose value over time. Bitcoin—with its capped supply of 21 million coins—emerges as an appealing alternative for treasury management.
As more corporations treat Bitcoin like "digital gold," their actions reinforce the very narrative that drives adoption: scarcity, decentralization, and resistance to monetary debasement.
But when prices fall, theory meets reality.
👉 Discover how top firms manage volatile assets and protect long-term value.
Nexon: Late Entry, Immediate Pain
In April 2025, South Korean gaming giant Nexon made headlines by purchasing $100 million worth of Bitcoin. At the time, this translated into:
- ~1,717 BTC
- Average cost: $58,226 per BTC
Known for hit games like MapleStory and Dungeon & Fighter, Nexon framed the purchase as part of a strategy to “maximize shareholder value” amid global monetary expansion.
CEO Owen Mahoney wrote on Medium that Bitcoin’s scarcity, network strength, innovation potential, and liquidity made it one of the best forms of cash preservation in uncertain economic times.
However, with Bitcoin trading below $60,000 after a sharp correction, Nexon is already sitting on paper losses.
What makes this position less risky?
Bitcoin represents less than 2% of Nexon’s $5+ billion in cash and equivalents, giving them room to hold or even average down.
Still, will they double down—or exit quietly?
Tesla: Strategic Entry, Tactical Exit
Tesla entered the Bitcoin scene in February 2021 (data retained for relevance), purchasing $1.5 billion worth of BTC. Based on analysis from Arcane Research (cited by CoinDesk), this amounted to approximately:
- 43,053 BTC
- Average entry price: ~$31,692 per BTC
By Q1 2025, Tesla sold 10% of its holdings—about 4,305 BTC—at an average price of $63,177**, realizing a profit of **$101 million.
That move proved remarkably well-timed.
Elon Musk claimed the sale was meant to demonstrate Bitcoin’s liquidity as a balance sheet asset—not a sign of loss of faith. CFO Zach Kirkhorn reaffirmed Tesla’s belief in Bitcoin’s long-term value.
Yet public sentiment shifted when Musk later criticized Bitcoin’s energy use and promoted Dogecoin—an action many saw as contradictory.
Despite rumors, Tesla has not confirmed further sales. If true, they’re now holding ~38,748 BTC at a break-even point well below current market prices.
But here’s the real question:
If Bitcoin drops below $30,000 again, will Tesla stay firm—or finally cut its position?
👉 See how leading investors navigate market cycles with confidence.
Meitu: Diversified But Under Pressure
Chinese tech firm Meitu took a dual approach in early 2025, investing in both Bitcoin and Ethereum across three rounds:
| Date | BTC Purchased | Cost (BTC) | ETH Purchased | Cost (ETH) |
|---|---|---|---|---|
| Mar 5 | 379.12 BTC | $47,214 | 15,000 ETH | $1,473 |
| Mar 17 | 386.08 BTC | $55,947 | 16,000 ETH | $1,775 |
| Apr 8 | 175.67 BTC | $56,924 | — | — |
Total:
- ~941 BTC at an average cost of $52,603
- ~31,000 ETH at an average cost of $1,629
At current prices:
- BTC holdings are ~30% underwater
- ETH holdings remain ~20% in profit
Overall, Meitu faces a net unrealized loss.
This isn’t Meitu’s first crypto misstep. In 2018, it ventured into blockchain just before a massive bear market wiped out most gains. Its stock followed suit—falling over 80% from peak valuation.
Now history may be repeating itself.
While the company claims this allocation helps diversify cash risk, critics argue founder蔡文胜’s personal interest in crypto (including past involvement with OKEx and early ICOs) influenced the decision.
With mounting pressure on profitability, can Meitu afford another failed bet?
MicroStrategy: All-In on Bitcoin
No discussion of corporate Bitcoin holders is complete without MicroStrategy.
Since August 2020, the business intelligence firm has aggressively accumulated BTC through multiple purchases funded largely by debt instruments. Their latest reported stats show:
- ~92,079 BTC
- Total investment: ~$2.251 billion
- Average cost: ~$24,450 per BTC
Even after a 40% price drop from all-time highs, MicroStrategy still enjoys an unrealized gain of nearly 50%—a testament to their early and consistent buying strategy.
They’ve raised over $9 billion via convertible notes to finance additional acquisitions.
But here’s the risk:
With ~$2.08 billion in debt and only $365 million in equity, a severe crash could threaten solvency.
A back-of-the-envelope calculation suggests that if Bitcoin falls below ~$18,625, the value of their BTC alone wouldn’t cover net liabilities—potentially triggering margin pressures or forced sales.
Still, CEO Michael Saylor remains unwavering:
“Bitcoin is our primary treasury reserve asset. We have no intention of selling.”
Whether this conviction holds during prolonged downturns remains to be seen.
FAQ: Your Questions Answered
Q: Why do companies buy Bitcoin instead of holding cash?
A: Due to inflation and low interest rates on traditional reserves, companies seek assets that preserve or increase purchasing power over time. Bitcoin’s fixed supply makes it attractive as a long-term hedge.
Q: Which company has the lowest average cost basis?
A: MicroStrategy leads with an average cost of $24,450 per BTC—thanks to early and continuous accumulation starting in 2020.
Q: Has any company sold at a loss?
A: Public disclosures don’t confirm any major firm selling at a loss recently. Tesla notably sold part of its stash at a significant profit in 2025.
Q: Could falling prices force corporate sell-offs?
A: Highly leveraged firms like MicroStrategy face pressure if prices drop sharply. However, most companies treat these holdings as long-term strategic assets—not short-term trades.
Q: Is corporate adoption bullish for Bitcoin long-term?
A: Yes. Each new corporate buyer reinforces Bitcoin’s legitimacy as a store of value and increases demand—especially during macroeconomic uncertainty.
The Bigger Picture
Corporate investment in crypto isn’t just financial—it’s psychological. When firms like Tesla or MicroStrategy go all-in, they validate Bitcoin’s role in modern finance.
While short-term volatility tests resolve, the trend is clear: more institutions are viewing digital assets as essential components of treasury strategy.
For retail investors, watching these balance sheets provides insight into market resilience—and timing opportunities.
As sentiment stabilizes, the next phase may belong to those who buy when others fear.
👉 Stay ahead with tools used by smart money in every market cycle.
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