Bitcoin Surges Over 150 Since the Beginning of the Year Are Institutions Holding Firm on Bitcoin Making Big Bucks

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El Salvador
MicroStrategy
Tether
Tesla
Meitu
US Government
According to a report from Zombit last night, El Salvador’s Bitcoin investment has turned from a loss to a profit due to the rise in the price of Bitcoin and their adherence to the Dollar-Cost Averaging (DCA) strategy of investing 1 BTC daily.
According to El Salvador’s President Nayib Bukele, El Salvador currently holds approximately 3,144 Bitcoins, with an average purchase price averaging out to $40,479. Based on the current Bitcoin (BTC) market price of $41,631.3 at the time of the post, El Salvador government’s Bitcoin investment is currently profiting around $3.62 million.
On the other hand, MicroStrategy, the company holding the most Bitcoin, has acquired an additional 16,130 Bitcoins for approximately $593.3 million in November. As of now, the company holds a total of 174,530 Bitcoins with an average cost of around $30,252.
Calculating at the current price of $41,800, MicroStrategy is currently profiting around $2 billion. It raises concerns about the market reaction if MicroStrategy’s financial report announces the “sale of Bitcoin” someday.
It is widely known that Tether announced the implementation of a Bitcoin Dollar-Cost Averaging plan in May, using 15% of the net profit to periodically purchase Bitcoin. According to information shared by the online analyst Yu Yan, Tether currently holds 57,576 BTC, with 53,492 BTC being reserves before March this year, and an additional 4,083 BTC purchased with net profit starting from May, averaging approximately $22,480 (based on the time of Bitcoin inflow).
Although the online data does not match Tether’s 55,000 BTC quantity in the third-quarter report, if the difference is not significant, Tether’s current Bitcoin investment is profiting around $1.1 billion.
While Tesla has yet to resume supporting Bitcoin payments, the company still holds Bitcoin. According to Tesla’s third-quarter financial report of 2023, the company’s Bitcoin holdings remain at 9,720, with no buying or selling operations for the fifth consecutive quarter.
According to information from CMC, Tesla bought 43,859 BTC at around $34,200 in January 2021, and has sold Bitcoin twice, currently holding around 9,720.
Calculating at the current market price, Tesla’s remaining Bitcoin holdings are profiting around $72 million.
Meitu, during the bull market in 2021, bought Bitcoin and Ethereum three times, spending $100 million to buy 941 Bitcoins and 31,000 Ethereums. The cost of holding Bitcoin is approximately $49.5 million, with an average purchase cost of $52,611.
Meitu’s Bitcoin investment is currently at a loss of around $10 million. However, Meitu’s Senior Investor Relations Manager Kang Yicong mentioned in an interview that the company might sell cryptocurrency assets at the right time, so it is unclear whether Meitu still holds Bitcoin and Ethereum.
Apart from corporate entities holding Bitcoin, the US government is also a major holder of Bitcoin, with a total of approximately 200,000 Bitcoins (from the Silk Road case’s illegal proceeds), valued at around $8.3 billion at the current market price.