Strategy, Metaplanet, and More Ride Billions in BTC Profits — and Remain Committed

Bitcoin’s Rally Swells Corporate Treasuries, But Major Holders Aren’t Selling

Bitcoin’s historic run above $117,000 has sent the value of corporate crypto treasuries soaring—but the biggest institutional holders show no intention of taking profits.

Strategy (MSTR), the enterprise software company turned bitcoin giant, now holds close to 600,000 BTC, according to data from BitcoinTreasuries.Net. At recent prices around $117,464, that stash represents an eye-popping $28 billion in unrealized gains. Strategy has invested more than $42 billion to build its bitcoin position, making it the third-largest holder of BTC, behind only bitcoin’s pseudonymous creator Satoshi Nakamoto and asset manager BlackRock.

BlackRock, however, holds bitcoin for clients through its iShares Bitcoin Trust (IBIT), which launched in January last year. Strategy, by contrast, carries its bitcoin directly on its balance sheet. Executive chairman Michael Saylor remains adamant about holding long-term. Amid bitcoin’s surge, he posted on X:

“The halls of eternity echo with the cries of those who sold their Bitcoin.”

Strategy’s bitcoin position dwarfs that of any other publicly traded company.

Other institutional players are also sitting on big gains. Japanese firm Metaplanet (3350), which began aggressively buying bitcoin in 2024, now holds 15,555 BTC worth roughly $1.83 billion, giving it an unrealized profit of $284 million.

El Salvador, which became the first country to adopt bitcoin as legal tender, holds 6,234 BTC valued near $733 million at current prices, translating to a $232 million paper gain—a dramatic reversal from the country’s losses during the crypto downturn in 2022.

Smaller firms have benefitted from the rally too. Semler Scientific (SMLR), which adopted Strategy’s bitcoin treasury approach last year, holds 4,636 BTC and is sitting on $160 million in unrealized gains. Meanwhile, France’s Blockchain Group (ALTBG) owns 900 BTC, with paper profits of about $30.5 million.

Despite massive potential profits, few companies are selling. Many of these firms are considered bitcoin “maximalists” who believe in holding BTC indefinitely. While some may eventually take profits, others—like Saylor—have publicly declared their intention to hold forever.