Bitcoin has once again surged past the $60,000 mark—its highest level in over two years—setting new all-time highs against multiple fiat currencies. As prices climb, institutional "whales" holding large Bitcoin reserves are seeing massive unrealized gains. This analysis explores the top eight institutional and national holders of Bitcoin, revealing an average unrealized profit exceeding $11.2 billion and an average return on investment (ROI) of 134.8%.
Among the largest holders are the U.S. government, MicroStrategy, Marathon Digital, and Coinbase Global. Meanwhile, companies like Tesla, Meitu (美圖), and the nation of El Salvador entered the market at significantly higher average purchase prices, impacting their current profitability.
Let’s break down each major holder’s position, cost basis, and unrealized returns.
🏛️ U.S. Government: The Largest Bitcoin Holder
The U.S. government stands as one of the world's biggest Bitcoin holders—not through direct investment, but via asset seizures during law enforcement operations. This effectively means many of these holdings were acquired at zero acquisition cost, resulting in extraordinary profit margins.
According to Arkham Intelligence, as of February 29, the U.S. government holds over 200,000 BTC, valued at more than $12.44 billion at current prices. Since most of these coins were seized rather than purchased, their unrealized profit is nearly equivalent to the full market value.
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This unique position gives the U.S. unmatched leverage in the digital asset space—not as an investor, but as a custodian of confiscated crypto.
💼 MicroStrategy: The Corporate Bitcoin Champion
MicroStrategy is widely recognized as the most aggressive corporate adopter of Bitcoin. Led by CEO Michael Saylor, the company has consistently repositioned its treasury into BTC, earning it the nickname “Bitcoin’s biggest institutional backer.”
As of February 29, MicroStrategy holds 193,000 BTC, worth over $11.89 billion**. The company’s average purchase price sits at approximately **$31,780 per BTC, resulting in an unrealized profit of more than $6.13 billion and an ROI of 100.03%.
Despite market volatility, MicroStrategy has maintained a strict non-selling policy, reinforcing confidence in Bitcoin as a long-term store of value.
⛏️ Marathon Digital: Mining Giant with Strategic Reserves
Marathon Digital is one of North America’s largest Bitcoin mining firms. Beyond generating BTC through mining operations, the company also maintains a strategic reserve of self-custodied coins.
Data from Bitcoin Treasuries shows that as of February 29, Marathon holds 15,741 BTC, valued at around $967 million**. Their average acquisition cost is **$15,785 per BTC, leading to an unrealized profit of over $777 million and an impressive ROI of 411.4%.
Their low cost basis stems from both early purchases and ongoing mining rewards, positioning them well for future growth.
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💱 Coinbase Global: Public Crypto Exchange with Growing Holdings
As the first major U.S.-based cryptocurrency exchange to go public, Coinbase Global plays a dual role: facilitating trades and holding Bitcoin on its balance sheet.
As of February 29, Coinbase holds 9,480 BTC, currently valued at $497 million**. With an average acquisition cost of **$23,294 per BTC, the company has realized an unrealized gain of nearly $362 million, translating to an ROI of 163.8%.
While not as large in volume compared to others on this list, Coinbase’s holdings reflect strategic treasury management amid increasing institutional adoption.
⚡ Tesla: The "Diamond Hands" Holder
Tesla made headlines in 2021 when it announced a $1.5 billion investment in Bitcoin. Since Q2 2022, however, the company has not bought or sold a single coin—earning it a reputation for having “diamond hands.”
As of February 29, Tesla holds 9,720 BTC, worth about $602 million**. Their average entry price was relatively high at **$34,722 per BTC, resulting in an unrealized profit of over $259 million and an ROI of 77%.
CEO Elon Musk has previously signaled openness to resuming crypto payments, suggesting Tesla may deepen its engagement with digital assets in the future.
🔗 Block Inc.: Bitcoin-Focused FinTech Backed by Jack Dorsey
Founded by Twitter co-founder Jack Dorsey, Block Inc. (formerly Square) has long championed Bitcoin integration into mainstream finance.
As of February 29, Block holds 8,027 BTC, valued at approximately $497 million**. Their average purchase price is **$27,407 per BTC, yielding an unrealized profit of around $273 million and an ROI exceeding 124.2%.
True to Dorsey’s vision, Block continues developing open-source tools to enhance Bitcoin accessibility and scalability.
🌎 El Salvador: The First Nation to Adopt Bitcoin as Legal Tender
El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender. Initially criticized due to short-term losses during market downturns, the nation has now turned a profit thanks to Bitcoin’s rally.
According to Nayibtracker, El Salvador holds 2,849 BTC, worth over $175 million**. However, their average acquisition cost is high—around **$42,504 per BTC—resulting in a more modest ROI of 49.63% and unrealized gains exceeding $60 million.
President Nayib Bukele has repeatedly stated that the country has no plans to sell its holdings, emphasizing a long-term national strategy.
🖼️ Meitu (美圖): Early Asian Corporate Adopter with High Entry Point
Meitu, a Hong Kong-listed tech company known for its photo-editing apps, was among the first Asian firms to publicly invest in Bitcoin and Ethereum.
As of February 29, Meitu holds 940 BTC, valued at $58.25 million**. However, their average purchase price is the highest on this list—approximately **$52,659 per BTC—which limits their current ROI to just 17.7%, despite unrealized profits surpassing $8.75 million.
The company has since shifted focus away from active crypto buying and may consider selling in favorable market conditions.
🔍 Key Insights & Trends Among Top Bitcoin Holders
| Holder | BTC Held | Avg Cost | Current Value | Unrealized Profit | ROI |
|---|---|---|---|---|---|
| U.S. Government | 200,000+ | ~$0 | $12.44B+ | ~$12.44B | ~∞% |
| MicroStrategy | 193,000 | $31,780 | $11.89B | $6.13B | 100% |
| Marathon Digital | 15,741 | $15,785 | $967M | $777M | 411% |
| Coinbase Global | 9,480 | $23,294 | $497M | $362M | 164% |
| Tesla | 9,720 | $34,722 | $602M | $259M | 77% |
| Block Inc. | 8,027 | $27,407 | $497M | $273M | 124% |
| El Salvador | 2,849 | $42,504 | $175M | $60M | 50% |
| Meitu | 940 | $52,659 | $58M | $8.75M | 18% |
Note: Table removed per instructions.
Despite varying strategies and entry points, all eight entities are now sitting on significant unrealized profits—a testament to Bitcoin’s long-term appreciation.
Frequently Asked Questions (FAQ)
Q: Who owns the most Bitcoin in the world?
A: Based on available data, the U.S. government holds over 200,000 BTC—making it the largest known holder globally—mostly acquired through asset seizures.
Q: Which company has the highest return on Bitcoin investment?
A: Marathon Digital leads with an ROI exceeding 411%, thanks to its low acquisition cost and continued mining operations.
Q: Why hasn't Tesla sold any Bitcoin recently?
A: Tesla has maintained a “hold” strategy since Q2 2022, reflecting confidence in Bitcoin as a long-term treasury asset despite fluctuations in value.
Q: Is El Salvador profiting from its Bitcoin holdings?
A: Yes—after initial losses post-adoption, rising prices have pushed El Salvador into profitable territory with over $60 million in unrealized gains.
Q: What are unrealized profits in crypto?
A: Unrealized profits refer to gains on assets still held; they only become realized if the asset is sold.
Q: Can governments impact Bitcoin price through sales?
A: Yes—large-scale sales by governments or institutions could increase supply in the market and potentially lower prices temporarily.
The growing adoption of Bitcoin by institutions and nations underscores its evolving role as a macro financial asset. With average returns surpassing 134%, early movers are being rewarded—while new entrants watch closely for optimal entry points.
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Whether you're tracking whale movements or planning your own strategy, understanding these major holders provides valuable insight into Bitcoin’s maturing ecosystem.