Firms Build Bitcoin Reserves, Lock in $30B Unrealized Gains
Over 250 public companies, from mining firms to industrial manufacturers, now hold Bitcoin as corporate reserves. Top holders like MicroStrategy carry 600,000 BTC (about $28 billion in unrealized gains) on their balance sheets. Marathon Digital and Riot Platforms each maintain over 19,000 BTC. Lesser-known players allocate up to 45% of market value to Bitcoin treasuries. Even sovereign entities such as El Salvador’s government report hundreds of millions in paper gains. These institutional investors and governments have no plans to sell, opting instead to further expand their Bitcoin reserves. This growing corporate Bitcoin adoption tightens supply, supports price stability, reduces large sell-off risks, and fuels bullish momentum. However, issuing shares or debt to fund Bitcoin purchases can dilute shareholder value and introduce volatility over the long term.
Bullish
Corporate Bitcoin reserves tightened supply and supported price stability, prompting bullish trading in the short term as investors feared limited sell-side volume. Over the long term, sustained institutional adoption—from major firms like MicroStrategy to sovereign treasuries—signals durable demand that underpins market fundamentals. While equity dilution and long-term volatility remain risks, the absence of sell-downs and ongoing accumulation by large holders strongly favors a bullish outlook.