MicroStrategy , the enterprise software giant that has turned into a Bitcoin bull, has made a fresh Bitcoin purchase. Last week, it announced that it had bought 705 more BTC, valued at $75.1 million, at an average price of $106,495 per BTC. Company CEO Michael Saylor said that MicroStrategy now holds a total of 580,955 BTC, which are worth about $60.5 billion at today’s prices, making them, by a country mile, the largest corporate Bitcoin holders. MicroStrategy’s BTC strategy has become one of the most financially successful decisions ever taken by a corporation. It now has an unrealized profit of $19.83 billion—a figure that could change at any second, since it’s based on the numbers coming from the Bitcoin network. MicroStrategy( @Strategy ) bought another 705 $BTC ($75.1M) at an average price of $106,495 last week. #Strategy currently holds 580,955 $BTC ($60.5B), with an average buying price of $70,023 and an unrealized profit of $19.83B. https://t.co/tIy3luAAqa pic.twitter.com/DFRv8R87SX — Lookonchain (@lookonchain) June 2, 2025 Not the Biggest Whale, But the Biggest Corporation Even though it currently holds more Bitcoin than any other public company in the world, MicroStrategy is still not even close to being the top holder of Bitcoin. In fact, the company that has the most Bitcoin in the world is actually a pseudonymous figure who may or may not be a single person: Satoshi Nakamoto. Nakamoto’s original mining wallet holds approximately 1.096 million BTC, worth about $112.2 billion at the current market price of $103,792. That’s nearly double MicroStrategy’s stash. Despite this, MicroStrategy holds the title of the largest publicly traded company with BTC on its balance sheet. Since August 2020, the company has adopted Bitcoin as its primary treasury reserve asset—a move that was both unprecedented and widely scrutinized at the time. Fast-forward nearly five years, and the decision appears visionary. The company’s Bitcoin holdings have appreciated massively, and its stock price has surged over 7x since its initial BTC buy. Although Satoshi is unassailable in terms of sheer BTC possession, MicroStrategy heads up the institutional adoption of Bitcoin. It and a growing number of companies are considering digital assets, like Bitcoin, as part of their treasury strategy. Institutional Buying Gains Momentum MicroStrategy is not the only one wagering substantially on Bitcoin. Per the most recent info from SosoValue and its BTC Treasuries Dashboard, 14 different firms that are publicly listed now hold the crypto asset, and these companies together own 637,000 BTC—worth around $66.1 billion. Of these 14 companies, 10 are U.S.-based, with the other four across the Pacific in Japan—all of which is to say that momentum toward Bitcoin’s institutional adoption appears to be building regionally. Tesla and the Japanese company Metaplanet are notable Bitcoin holders but trail behind MicroStrategy. Yet MicroStrategy’s Bitcoin holdings are not just notable; they’re an astonishing 50 times larger than Tesla’s—not to mention they’re held at a cost BTC price of around $24,000, which is low in the world of corporate-held BTC prices. Nano Labs Ltd, the company with whom Elon Musk’s space travel interests are in touch, holds the highest average cost basis for its BItcoin: $99,500. Blockchain Inc. holds its BItcoin at the lowest average price: $30,405. Every company that has gone public and disclosed purchasing Bitcoin is currently sitting in the green, thanks to the current market price of $103,792. This profitability could well spark additional interest from firms that haven’t already bought in and could lead even more companies to scoop up some Bitcoin, especially as the cryptocurrency keeps proving itself as a long-term value play. 微策略是目前比特币的最大持有者吗？ —— 不是，中本聪才是 Satoshi Nakamoto 公开账户目前持有 109.6 万枚 BTC，总价值 1122 亿美元，而微策略的 BTC 持有量为 58 万枚（602 亿美元），想成为「比特币最大庄家」还得再买近一倍的量哈哈 自 2020 年 8… pic.twitter.com/8verivv2bo — Ai 姨 (@ai_9684xtpa) June 2, 2025 Market Watches Whale Activity Closely Bitcoin is the sole digital asset that demonstrates consistent institutional faith during this market cycle. Corporate treasury strategies today are concentrated, almost exclusively, on Bitcoin. Profits are impressive; floating profits are through the roof. New entrants into this market are piling into this digital gold. And so analysts have turned their sights not just to the price of Bitcoin but also to the behavior of the Bitcoin whales—first and foremost, the corporate treasurers that have committed to holding this asset in their vaults. For institutional investors, the cost basis of $70,023 per BTC for MicroStrategy is presently regarded as a critical benchmark. It stands as both a financial floor and a psychological threshold. With MicroStrategy, even last week, buying above that average—like with last week’s purchase at $106,495, for example—it sends a powerful message about long-term, steadfast conviction. Market focus on the whale cost basis highlights the powerful influence that big, strategic Bitcoin holders have in molding both sentiment and technical support for the cryptocurrency. These corporate players, often referred to as Plus-edition whales, are handfuls of ELPs—they’re not even in the top 10. Yet, these quasigovernmental types are enough to keep buying. And because they can keep buying, they keep providing a level of price stability that our couldn’t-even-attempt society of Bitcoin retail investors doesn’t provide. Conclusion: MicroStrategy’s Strategy Pays Off Big Bitcoin’s price at the heart of MicroStrategy’s financial strategy, in 2020, is a thank-you note, written in profitable contractually-obliged software, to the half-dozen or so MicroStrategy employees who, back in 2013, connected their employer to the virtually wonk-tastic world of cryptocurrency. Even better, this seems to be a decision that Saylor himself couldn’t have predicted would end up as the most lauded corporate investment since the ill-fated AOL Time Warner merger. Despite the massive, overshadowing profile of Satoshi Nakamoto, MicroStrategy plays an undeniable role in legitimizing Bitcoin as a legitimate corporate asset—and everyone else seems ready to follow its lead. Disclosure: This is not trading or investment advice. 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