Organisations like Tesla, MicroStrategy and Block Inc. all invested heavily in Bitcoin over the last couple of years. Tesla’s BTC purchase worth $1.5 billion even set off a bull run that saw Bitcoin hit an all-time high (ATH) of $69,000 in November last year. However, bears have taken over the market since then, and BTC is currently languishing around the $23,000 mark over the last month or so. This has resulted in massive impairment charges for institutional giants. It forced Tesla to trim its BTC holdings by over 75 percent during the second quarter of 2022, netting a cool $64 million in profits.