"The Biggest $BTC Holder Has Made It Through—Currently Sitting on $9.5 Billion in Unrealized Gains" Six months ago, when $BTC dropped to $57,800, this institution was facing unrealized losses of over $3 billion. The market was flooded with talk of "liquidation," "margin calls," and "they can't hold on anymore." At that time, everyone was watching to see if they’d be forced to sell their Bitcoin. Turns out, they only sold a small amount. After paying off interest, they went ahead and bought more $BTC in June. Now, with $BTC back at $86,000, this institution holds 846,000 $BTC at an average cost of $75,400. Based on current prices, their unrealized gains are around $9.5 billion. Market sentiment has shifted from "Will they be forced to sell?" to "When will they buy more?" On September 20, their founder posted that familiar image again: "A little more orange." The next day, SEC filings confirmed: they bought 950 $BTC at an average price of $79,670. Total holdings: 846,000 $BTC Total cost: ~$6.38 billion Average cost: $75,416 per $BTC From $3 billion in unrealized losses to $9.5 billion in unrealized gains—they made it through❗️ This institution is MicroStrategy. Dragon’s Perspective: The market only questions leverage during downturns and forgets about risk during upswings. MicroStrategy didn’t just survive—$BTC survived. As long as Bitcoin stays above their $75,400 cost basis, their financing pressure remains manageable. Now that the Bitcoin bull market is in full swing, MicroStrategy will likely keep buying $BTC, pushing Bitcoin’s price to new heights!