Bitcoin has just reached a new all-time high, surpassing $108,000. This is an opportunity to take stock and find out how much this means for the largest BTC holders.
Bitcoin’s latest ATH causes profits to skyrocket for its largest holders
The summer period seemed to herald a period of calm on the Bitcoin market, with BTC volatility at its lowest level in two years. However, against all expectations, it has reached a new all-time high of $118,667.
BTC rose by more than 8% over the past week, raising hopes for a resurgence of activity over the summer, particularly given Bitcoin’s dominance, whose possible downward divergence could signal the start of a welcome “altcoin season.”
But before getting too excited, it seems necessary to take stock of the situation. This new Bitcoin ATH has just redefined the amount of unrealized gains recorded by its largest holders, i.e., the difference between the average acquisition cost of their BTC and its current price.
Strategy: the leader in Bitcoin treasuries
When it comes to the largest BTC holders, Strategy stands out as the clear leader. Its official website reports a portfolio currently consisting of 597,325 BTC in total, estimated at $70.8 billion at Bitcoin’s last ATH.
According to various trackers set up to monitor this digital fortune, the average price of these acquisitions has just exceeded $71,000. As a result, the unrealized capital gain on Strategy’s holdings currently stands at $28.4 billion.
Metaplanet: a late arrival that comes at a high price
In the Bitcoin treasury sector, Japanese company Metaplanet ranks second, with a portfolio balance of 15,555 BTC at the last count. However, its late arrival in the field means it has an estimated average purchase price of $99,307.
As a result, with $1.45 billion in BTC, its unrealized capital gain at Bitcoin’s ATH reached $290 million.
Tesla: unrealized capital gains approaching $1 billion
Among companies holding BTC, Tesla has a slightly lower balance of 11,509 BTC, but with an average purchase price of $32,610.
This is a very good deal, as the current value of its portfolio, estimated at $1.3 billion during Bitcoin’s last ATH, gives it a paper gain of $980 million.
Bhutan: a mining capital gain of $1.4 billion
Next come the countries that hold Bitcoin, through actual purchases or national mining activities separate from judicial seizures.
Bhutan is the clear leader in this VIP club, with a portfolio currently consisting of 12,207 BTC, worth over $1.4 billion. And since these BTCs come from its mining activity, the unrealized capital gain is simply equivalent to the value of its portfolio.
El Salvador: Bitcoin adoption pays off
In El Salvador, BTC purchases are part of a DCA strategy that has been largely undermined by the International Monetary Fund (IMF). Regardless, President Nayib Bukele is continuing these acquisitions, with a total of 6,243 BTC, estimated at over $735 million at Bitcoin’s last ATH. With an average purchase price of $48,409, its unrealized capital gains total $433 million.
United States: the champions of BTC seizures
In the category of BTC-holding countries, the United States takes the top spot on the podium with a total of 207,189 BTC. This amount was collected through court seizures — as in China (194,000 BTC) and the United Kingdom (61,000 BTC) — to which it is impossible to apply an average purchase price.
As a result, the only possible conclusion is the value of this portfolio, estimated at $24.6 billion when Bitcoin reached its latest ATH.
Of course, these operations are more estimates than accounting figures, particularly given the significant acceleration in acquisitions made in recent weeks by an increasing number of Bitcoin-holding companies. In any case, holding BTC is highly beneficial to its main holders.
