cpeditor
Bitcoin Soars to Record Highs, But Institutional Giants Aren’t Cashing Out
Bitcoin is hovering at record levels, and heavyweight holders like Strategy and El Salvador are sitting on enormous unrealized profits — with no signs of hitting the sell button.
With bitcoin (BTC) trading above $117,000, some of its biggest institutional holders are firmly in profit territory. Leading the pack is Strategy (MSTR), the software firm that reinvented itself as a bitcoin vault. According to BitcoinTreasuries.Net, Strategy now holds nearly 600,000 BTC, with an estimated $28 billion in paper gains at a BTC price of $117,464, based on data from Strategy Tracker. The company has invested over $42 billion to amass this massive stash, making it the world’s third-largest bitcoin holder after only the pseudonymous creator Satoshi Nakamoto and asset management giant BlackRock.
Unlike BlackRock, which holds BTC on behalf of investors via its iShares Bitcoin Trust (IBIT), Strategy owns the coins directly on its corporate balance sheet. And its co-founder and executive chairman, Michael Saylor, has made it crystal clear he has no intention of selling. As bitcoin touched new highs, Saylor posted triumphantly on X: “The halls of eternity echo with the cries of those who sold their Bitcoin.”
Given Strategy’s unprecedented BTC exposure, it’s easy to see why he’s feeling confident. The company’s holdings dwarf those of any other publicly listed business.
Other corporate holders are also reaping the rewards of bitcoin’s surge. Japan’s Metaplanet (3350), which began stockpiling BTC in 2024, now owns 15,555 coins worth about $1.83 billion — a position that has generated roughly $284 million in unrealized gains.
El Salvador, the first country to adopt bitcoin as legal tender, is also seeing its crypto gamble pay off. The nation holds 6,234 BTC valued near $733 million, translating into a $232 million paper profit — a sharp turnaround from the steep losses it endured during the 2022 crypto winter.
Smaller firms are also riding bitcoin’s rally. Semler Scientific (SMLR), which adopted Strategy’s treasury approach last year, holds 4,636 BTC and has amassed unrealized gains of $160 million. Meanwhile, France’s Blockchain Group (ALTBG) owns 900 BTC, sitting on a paper profit of about $30.5 million.
Despite the temptation to lock in profits, most of these institutions remain committed to their holdings. Many are self-described “maxis” — short for bitcoin maximalists — who advocate holding the asset indefinitely. While some companies may eventually take partial profits, others, like Saylor, are resolute in their mission to hold forever.
