Strategy, Metaplanet and Others Sit on Billions in Bitcoin Gains — and They’re Not Selling
Bitcoin’s recent record high above $117,000 has significantly boosted the holdings of major institutional investors, many of whom show no immediate intention to sell. MicroStrategy (MSTR), a prominent example, holds nearly 600,000 BTC, representing an estimated $28 billion in unrealized profit at the peak price. This substantial position, accumulated through over $42 billion in investment, makes MicroStrategy the third-largest Bitcoin holder globally, trailing only the enigmatic Satoshi Nakamoto and BlackRock. However, it’s crucial to note that BlackRock’s holdings are managed on behalf of investors within its iShares Bitcoin Trust (IBIT), unlike MicroStrategy’s direct ownership. MicroStrategy’s CEO, Michael Saylor, has publicly declared his commitment to holding Bitcoin indefinitely.
Other corporations are also experiencing substantial gains. Metaplanet (3350), a Japanese firm, currently owns 15,555 BTC, worth approximately $1.83 billion, generating an unrealized profit of $284 million. El Salvador, the first country to adopt Bitcoin as legal tender, holds 6,234 BTC, valued at nearly $733 million, resulting in a $232 million paper gain – a considerable turnaround from previous losses. Smaller companies are also participating in this upward trend. Semler Scientific (SMLR), adopting a similar treasury strategy to MicroStrategy, holds 4,636 BTC, yielding $160 million in unrealized gains. Blockchain Group (ALTBG) in France holds 900 BTC, with $30.5 million in unrealized profits.
Despite the opportunity to realize substantial profits, many of these companies remain steadfast in their holding strategy. Within the Bitcoin community, these long-term holders are often referred to as “maxis,” or maximalists, who believe in the long-term value of Bitcoin and intend to hold indefinitely. While some may eventually take partial profits, others, like Saylor, have publicly committed to a permanent hold strategy, highlighting the unwavering conviction among some of Bitcoin’s largest institutional investors.
