- Strategy currently holds nearly 600,000 BTC, giving the company a $28 billion unrealized profit at current prices.
- El Salvador, Metaplanet and Semler Scientific have each made hundreds of millions of dollars in paper gains from their bitcoin investments.
- Despite the potential profits, many bitcoin holders, including Strategys Michael Saylor, say they have no plans to sell.
With bitcoin trading at a record high above $117,000, some of its largest institutional holders are sitting on massive gains and show no sign of planning to cash out.
Strategy (MSTR), the software company turned bitcoin holding giant, owns nearly 600,000 BTC, according to BitcoinTreasuries.Net data, and has made an estimated $28 billion in unrealized profit at $117,464 price, data from Strategy Tracker shows. The company has spent more than $42 billion accumulating its stash, which makes it the third-largest bitcoin holder. Only the pseudonymous bitcoin creator Satoshi Nakamoto and asset manager BlackRock hold more.
Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersHowever, BlackRock holds bitcoin on behalf of investors in its iShares Bitcoin Trust (IBIT), which launched in January last year. Strategy, by contrast, holds the tokens on its balance sheet. The firms co-founder and executive chairman, Michael Saylor, has repeatedly said that he has no intention of ever selling. In fact, during BTC's all-time high run yesterday, he gloated, "The halls of eternity echo with the cries of those who sold their Bitcoin," in an X post.
And who can blame him? After all, his company's BTC holdings far outpace those of every publicly traded company.
Other corporate bitcoin holders are also seeing their balances swell. Japanese firm Metaplanet (3350), which began aggressively accumulating BTC in 2024, now owns 15,555 coins worth roughly $1.83 billion. That translates to an unrealized profit of $284 million.
Meanwhile, El Salvador, the first nation to adopt bitcoin as legal tender, holds 6,234 BTC worth nearly $733 million at current prices. Its bitcoin bet has turned into a $232 million paper gain, a significant reversal from the losses it faced during the 2022 bear market.
Smaller firms are riding the rally too. Semler Scientific (SMLR), which followed Strategys treasury strategy last year, owns 4,636 BTC and sits on $160 million in unrealized gains. Frances Blockchain Group (ALTBG) holds 900 BTC, and still has $30.5 million in gains on paper.
While these companies could lock in massive profits by selling, most havent budged. In the bitcoin community, many of these holders are known as maxis short for maximalists who believe in holding the asset indefinitely. Some may take profits over time, but others, like Saylor, have stated publicly they plan to hold forever.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
AI Boost indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
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