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Justin Sun Reveals Bitcoin Holdings: Here’s How Much BTC Tron Founder Has

Last Updated February 28, 2024 10:22 AM
Teuta Franjkovic
Last Updated February 28, 2024 10:22 AM

Key Takeaways

  • Justin Sun owns more than a billion in Bitcoin and he revealed this to his Twitter followers.
  • ETFs and Sun’s influence fuel the Bitcoin market.
  • Sun’s actions spark speculation and scrutiny.

Justin Sun, the founder of TRON, revealed  to his 3.5 million Twitter followers that he possesses more than 28,000 Bitcoin, worth around $1.6 billion.

This announcement  comes at a time when Bitcoin’s value is experiencing a notable increase, spurred by a substantial wave of investments into Bitcoin exchange-traded funds (ETFs), with 11 spot Bitcoin ETFs receiving approval last month.

Over 28,000 BTC Holdings on X Amidst Crypto Surge

In a revealing post on X , Justin Sun said he owned 28,613.74 Bitcoins. This announcement was made shortly after Bitcoin’s price  soared past the $55,000 mark, sparking significant enthusiasm within the cryptocurrency sector. Also, the Bitcoin price didn’t stop. At the time of writing it was hovering around $59,000.

Analysts forecast that the market capitalization of Bitcoin could hit $1.5 trillion, fueled by increases in spot Bitcoin ETFs offered by BlackRock, Grayscale, and other financial entities.

Sun’s Influence Spurs Market Speculation Amidst Crypto Volatility

Justin Sun’s prominence in the cryptocurrency sector leads to conjecture regarding his transactions and holdings, alongside their possible effects on the broader market.

A recent spike in cryptocurrency prices resulted in liquidations exceeding $380 million on February 27. Of this, long positions faced $109 million in liquidations , whereas short positions suffered more significantly, with losses amounting to $271 million.

Liquidation BTC
Credit: Coinglass

Financial Maneuvers and SEC Scrutiny 

Last year, Sun withdrew  $6 million worth of SHIB from Binance in two separate transactions. Despite concerns that such withdrawals from centralized exchanges could trigger supply shocks, SHIB’s price remained unaffected.

The year also saw Sun facing regulatory action  from the United States Securities and Exchange Commission (SEC). In April 2023, allegations surfaced against Sun for trading Tronix and BitTorrent tokens without proper securities registration. Additionally, Sun’s ownership of the Huobi exchange has been shrouded in speculation and mystery. In August 2023, amid rumors of insolvency, there was speculation about Sun transferring $200 million in USDT to the exchange.

Moreover, Sun faced accusations of not disclosing payments to celebrities, including Lindsay Lohan  and Austin Malone, for endorsing cryptocurrency assets and products, further complicating his legal and financial landscape.

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