Does Justin Sun Really Own This Much Bitcoin?

TRON founder Justin Sun disclosed to his 3.5 million followers on X (formerly Twitter) that he holds over 28,000 Bitcoins, valued at approximately $1.6 billion.

This coincides with a surge in Bitcoin’s price, driven by a significant influx of investments into Bitcoin exchange-traded funds (ETFs), with 11 spot Bitcoin ETFs approved last month.

TRON Founder Justin Sun Is a Bitcoin Whale

In a recent post on X, Sun declared his Bitcoin holdings to his followers, revealing that he holds 28,613.74 Bitcoins. The disclosure comes after Bitcoin’s price passed the $55,000 USD mark, leading to much excitement in the crypto industry.

On February 27, BeInCrypto reported that analysts predict the Bitcoin market cap will reach $1.5 trillion amid surges in spot Bitcoin ETFs from BlackRock, Grayscale, and others.

Read more: Bitcoin Price Prediction 2024/2025/2030

Sun’s high profile in the crypto industry prompts frequent reporting and speculation about his crypto buys, sells, and holdings and their potential implications for the wider market.

The latest crypto price surge triggered over $380 million in liquidations on February 27. Specifically, long trades worth $109 million were liquidated, while short trades saw a higher toll, with $271 million lost.

Justin Sun: A Contentious Crypto Figure

In December 2023, BeInCrypto reported that Sun withdrew $6 million worth of SHIB from Binance in two transactions. Although withdrawals from centralized exchanges can cause supply shocks, there has not been a noticeable movement in the SHIB price.

Last year, Sun was hit with enforcement action from the United States Securities and Exchange Commission (SEC).

Read more: 7 Best Tron Wallets for Storing TRX Tokens

In April 2023, BeInCrypto reported that Sun stood accused of trading Tronix and BitTorrent without registering them as securities.

There has also been some speculation and mystery surrounding the Huobi exchange, which Justin Sun owns. In August 2023, some were speculating that Sun sent $200 million worth of USDT to the exchange amid insolvency rumors.

Additionally, he was accused of failing to disclose payments made to celebrities, including Lindsay Lohan and Austin Malone, for their endorsements of crypto assets and products.