Bitcoin BTC/USD plummeted sharply Tuesday, causing a big dent in investors' portfolios, including those of big corporate whales.

What happened: MicroStrategy Inc. MSTR, the company that has pioneered Bitcoin's corporate adoption, sits on a reserve of 226,500 BTC, according to data from bitcointreasuries.net.

Following a 5.4% decline in the last 24 hours, King Crypto fell to $59,651, reducing the market value of MicroStrategy's stash to $13.48 billion as of this writing. This meant that the so-called ‘Bitcoin Development' company had unrealized losses of nearly $770 million in the last 24 hours.

The second-largest Bitcoin corporate holder, Marathon Digital Holdings Inc. MARA, held 25,000 BTCs worth $1.49 billion, down $90 million in the last 24 hours.

Similarly, tech juggernaut Tesla Inc. TSLA is estimated to hold 9,720 Bitcoins on its balance sheet, worth $579 million. Taking the 24-hour losses into account, Tesla was down $33 million on its Bitcoin investment.

Company Bitcoin Holdings Current Market Value 24- Hour Paper Losses MicroStrategy 226,500 $13.48B $770M Marathon Digital 25,000 $1.49B $90M Tesla 9,720 $579M $33M

It’s worth noting that these losses were for the last 24 hours and not on the original purchase price, or cost basis, of the Bitcoin holdings.

See Also: Coinbase Leads The Blockchain Industry’s Unprecedented Donation Spree In 2024 Election

Why It Matters: The losses followed a dramatic decline in the leading cryptocurrency's price in the last 24 hours. Bitcoin hit an intraday low of $58,116, its lowest in more than a week.

Analytics firm Santiment attributed the sharp retrace to the liquidation of overleveraged bullish bets that were pouring in on derivatives exchanges.

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