Elon Musk's Bitcoin Sales Rock Crypto Stocks: What Happens Next?

All those stocks were already significantly lower for the month of August as cryptocurrencies were falling. While some analysts expect a crypto rebound in the not-so-distant future, others see the stock languishing for longer.It’s not the first time Musk has sold bitcoin; last year, Tesla sold $936 million of the digital currency. In the company’s second-quarter earnings report, it said the value of its digital assets was $184 million, the same as in the previous two quarters.

That’s a small source of revenue, but it hints at the company’s diversified operations at a time when the crypto-mining industry is facing low prices for its core asset. Riot, whose market capitalization is $1.938 billion, had a revenue increase of 5% in the most recent quarter, following three-quarters of earnings declines. The company has not yet posted a profit, and analysts have no expectations of that in the next two years.According to regulatory filings from the Fort Lauderdale, Florida company, Marathon’s strategy is to produce and hold bitcoin, after paying for cash operating costs of production, as a long-term investment.

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