The fallout from this month’s violent crypto market meltdown appears to have flowed into the stock markets, with publicly-listed firms with exposure to crypto assets seeing significant losses during May.
The month saw Bitcoin and other leading cryptocurrencies crash by at least 50%, with BTC plummeting from roughly $60,000 on May 10 before bouncing off support at $30,000 last week.
The largest publicly traded firm by number of BTC held in its reserves, MicroStrategy (MSTR) saw its share price slump from $657 at the end of April to roughly $450 as of May 21 — a 31.5% drawdown in three weeks. However, MSTR appears to have benefited from Bitcoin’s 50% bounce from the weekend’s lows, having gained nearly 5% in the last 24 hours to last change hands for $472.45.
According to Bitcointreasuries.org, MicroStrategy’s 92,000 Bitcoin have appreciated in value by roughly $1 billion combined despite the crypto crash.
Tesla (TSLA) also took a beating this month, with its shares tanking 18% from $709 at the end of April to $581 on May 21. TSLA has also rallied 4.4% in the past day to last trade for $606.44.