In light of the recent ETF approvals and spike in Bitcoin’s price, TRON Founder Justin Sun revealed his $1.6B worth of Bitcoin holdings.
Former Twitter user and TRON creator Justin Sun revealed to his 3.5 million followers on X that he is the proud owner of more than 28,000 Bitcoins, with a market worth of almost $1.6 billion.
Coincidentally, 11 spot Bitcoin ETFs were authorized last month, contributing to a dramatic increase in investment in Bitcoin ETFs and, by extension, a steep price increase for the cryptocurrency.
Sun recently updated his X followers on his Bitcoin holdings, which he revealed to be 28,613.74 Bitcoins. Much excitement in the cryptocurrency market followed Bitcoin’s price passing the $55,000 USD milestone, which led to the revelation.
Amid spikes in spot Bitcoin ETFs from companies like Grayscale and BlackRock, researchers believe that the market valuation of Bitcoin will exceed $1.5 trillion, according to BeInCrypto’s article from February 27.
Because of his prominent position in the crypto business, Sun’s cryptocurrency holdings, purchases, and sales are the subject of much speculation and reportage.
On February 27, the most recent spike in cryptocurrency prices caused investors to liquidate assets worth more than $380 million. The losses sustained by short traders were much larger, amounting to $271 million, while long traders lost $109 million.
According to BeInCrypto’s reporting from December 2023, Sun made two withdrawals from Binance totaling $6 million worth of SHIB. There has been no noticeable shift in the SHIB price, even though withdrawals from centralized exchanges may produce supply shocks.
The US Securities and Exchange Commission (SEC) took enforcement action against Sun last year. The charges against Sun regarding the unregistered trade of Tronix and BitTorrent first surfaced in April 2023 on BeInCrypto.
Also, Justin Sun’s ownership of the Huobi exchange has sparked considerable intrigue and speculation. Amid bankruptcy allegations in August 2023, some speculated that Sun handed the exchange USDT valued at $200 million.
Not only that, but he was also accused of hiding the fact that he had paid celebrities like Lindsay Lohan and Austin Malone to promote cryptocurrency and related items.
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