Strategy (MSTR), Metaplanet (3350), and Others Hold Billions in Bitcoin (BTC) Profits
With bitcoin trading at a record high above $117,000, some of its largest institutional holders are sitting on significant gains — and show no signs of planning to cash out. Strategy (MSTR), the software company that has transformed into a bitcoin holding giant, owns nearly 600,000 BTC, according to data from BitcoinTreasuries.Net. This has resulted in an estimated $28 billion in unrealized profit at the current price of $117,464, as indicated by data from Strategy Tracker. The company has invested over $42 billion to amass its holdings, making it the third-largest bitcoin holder. Only the pseudonymous bitcoin creator Satoshi Nakamoto and asset manager BlackRock hold more.
However, BlackRock holds bitcoin on behalf of investors in its iShares Bitcoin Trust (IBIT), which launched in January last year. In contrast, Strategy has the tokens directly on its balance sheet. The firm’s co-founder and executive chairman, Michael Saylor, has consistently stated that he has no intention of selling. In fact, during BTC’s all-time high run yesterday, he remarked, “The halls of eternity echo with the cries of those who sold their Bitcoin,” in a post on social media.
And who can blame him? After all, his company’s BTC holdings far exceed those of every publicly traded firm.
Top 10 public bitcoin treasury companies and their value at $117k (BitcoinTreasuries.Net/ChatGPT)
Other corporate bitcoin holders are also experiencing significant increases in their balances. 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, valued at nearly $733 million at current prices. Its bitcoin investment has turned into a $232 million paper gain, marking a significant turnaround from the losses it faced during the 2022 bear market.
Smaller firms are riding the rally too. Semler Scientific (SMLR), which followed Strategy’s treasury strategy last year, owns 4,636 BTC and stands to gain $160 million in unrealized profits. France’s Blockchain Group (ALTBG) holds 900 BTC, with $30.5 million in paper gains.
While these companies could secure substantial profits by selling, most have maintained their positions. 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 gradually, but others, like Saylor, have publicly expressed their intention to hold forever.
