Institutional Bitcoin Giants Sit Tight on Billions in Unrealized Gains as BTC Hits New Heights
As bitcoin smashes through record highs, major institutional holders like Strategy and El Salvador are reaping enormous paper profits — but remain steadfast in their decision not to sell.
Bitcoin (BTC) has soared past $117,000, pushing some of its biggest corporate holders deep into profit territory. Strategy (MSTR), the business intelligence company turned bitcoin powerhouse, holds close to 600,000 BTC, according to BitcoinTreasuries.Net. At a price of $117,464, that translates to around $28 billion in unrealized gains, based on data from Strategy Tracker. The company has spent over $42 billion accumulating its bitcoin trove, making it the third-largest holder globally, behind only Satoshi Nakamoto and asset manager BlackRock.
BlackRock’s holdings, however, are on behalf of clients via its iShares Bitcoin Trust (IBIT), which launched last year. By contrast, Strategy owns bitcoin directly on its corporate balance sheet. And co-founder and executive chairman Michael Saylor has repeatedly declared that selling is not part of the plan. As bitcoin hit new all-time highs, Saylor quipped on X, “The halls of eternity echo with the cries of those who sold their Bitcoin.”
Strategy’s bitcoin cache dwarfs that of any other public company, solidifying its place as the corporate titan of BTC ownership.
Other firms are also basking in significant unrealized profits. Japan’s Metaplanet (3350), which ramped up bitcoin purchases in 2024, now holds 15,555 BTC valued around $1.83 billion — reflecting a paper gain of approximately $284 million.
El Salvador, the first country to make bitcoin legal tender, is sitting on notable gains as well. Its stash of 6,234 BTC is now worth nearly $733 million, yielding an unrealized profit of $232 million. That’s a sharp rebound from the losses it suffered during the 2022 bear market.
Smaller players have benefited too. Semler Scientific (SMLR), which embraced Strategy’s bitcoin treasury model last year, owns 4,636 BTC and is up $160 million on paper. France’s Blockchain Group (ALTBG) has 900 BTC, representing an unrealized profit of $30.5 million.
Despite the chance to cash out, most of these companies remain committed to holding their bitcoin. Many belong to the community of so-called “maxis” — bitcoin maximalists who believe the asset should be held long-term. While a few may eventually trim positions to take profits, figures like Saylor have publicly declared their intention to hold indefinitely.
