Tron Founder Justin Sun Casually Flexes Bitcoin Holdings Worth Over $1.6B
Justin Sun, the entrepreneur behind TRON (CRYPTO: TRX), has publicly shared the scale of his Bitcoin (CRYPTO: BTC) investments, holding 28,613 BTC valued at approximately $1.638 billion at current market prices.
What Happened: Sun detailed his holdings in a post on X, “My personal HTX account balance (just for those who are saying I’m not using HTX much) @HTX_Global.” His remarks were in response to comments suggesting that he isn’t an active user of the HTX exchange.
He further clarified his position on the use of the HTX exchange, saying, “Personally, I use almost all main exchanges and am a supporter of those exchanges. However, if someone says I seldom use HTX.com, that would be inaccurate. I am a heavy user of HTX. My personal use of HTX is the same as all HTX users, believing and trading."
The timing of Sun’s disclosure comes as Bitcoin’s value soared to $57,000. This surge marks a long-anticipated return to a price point last seen over two years ago on Dec. 2, 2021.
Data from Arkham Intelligence research reveals that the pseudonymous creator of Bitcoin, Satoshi Nakamoto, very likely remains the currency’s largest holder, with suspicions of him owning 1.1 million BTC, translating to over $50 billion. The largest known custody of BTC belongs to Coinbase, with approximately 1 million bitcoins. A Binance exchange wallet also holds a staggering 250,000 BTC, ranking it amongst the largest individual wallets.
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Why It Matters: The BTC rally had a ripple effect across the entire crypto market, as evidenced by a surge in investments into spot Bitcoin exchange-traded funds (ETFs).
The Fear & Greed Index reached a level of 79 out of 100 on February 27, signaling “extreme greed” among investors.
The global cryptocurrency market cap now hovers at $2.16 trillion, an 8.92% increase over the last day.
Meanwhile, Sun has been vocal about his support for the integration of Bitcoin scalability solutions into the TRON network. He announced TRON’s plans to implement support for the Merlin Chain, a project designed to enhance Bitcoin’s interoperability and financial accessibility.
Earlier this month, Sun spoke about TRON’s future strategy, saying, “Tron will collaborate with multiple Bitcoin layer-2 protocols, gradually announcing significant partnerships. These collaborations will allow Tron users to participate in re-staking initiatives across major Bitcoin layer-2 networks, supporting the growth of the Bitcoin layer-2 ecosystem with Tron's diverse asset portfolio.”
Price Action: At the time of writing, BTC was trading at $56,901, up 0.93% in the last 24 hours, according to Benzinga Pro.
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Photo via Wikimedia Commons