Bitcoin, real estate, and the long game: inside Elías Sacal’s vision for Murano

For over 30 years, Murano Global Investments Plc (Nasdaq: MRNO) has stood as one of Mexico’s most prolific real estate developers, with a portfolio that spans luxury hotels, resort residences, and large-scale commercial projects.

With over $2 billion in capitalization deployed, and partnerships with global brands like Hyatt and Accor, Murano’s track record is built on a rare combination of architectural permanence and capital discipline.

At the center of that legacy is Elias Sacal – Chairman, CEO, and the guiding force behind Murano’s evolution from regional player to publicly listed company.

Now, Sacal is leading Murano into a new chapter, one that integrates Bitcoin into the company’s long-term balance sheet strategy.

Earlier this year, Murano acquired its first 21 Bitcoin. The decision was understated by design, a reflection of Sacal’s long-held belief that capital, like architecture, should be patient and purpose-built.

“We’ve always focused on assets that endure,” Sacal says. “Bitcoin, like real estate, is scarce, resilient, and built for the long term.”

Murano’s digital asset strategy is supported by a $500 million Standby Equity Purchase Agreement with Yorkville, enabling the company to gradually increase its Bitcoin holdings over time.

This capital is earmarked from real estate development profits and selective asset sales –  a model that prioritizes self-financing over debt and builds reserves without diluting shareholder value.

But Sacal’s ambitions go beyond portfolio construction.

Murano is actively exploring ways to incorporate Bitcoin into its operating businesses, including the potential for BTC-native hospitality offerings, integrated loyalty systems, and new experiences designed for digital asset holders.

These initiatives aim to bridge physical infrastructure with emerging financial ecosystems – not as marketing, but as meaningful value creation.

That vision is consistent with Sacal’s broader approach. In the early 2000s, he helped pioneer the “Second Home Living” model across Mexico’s resort markets, positioning Murano at the forefront of international capital inflows into coastal real estate.

Under his leadership, the firm has expanded into Mexico City, Cancún, Ixtapa, and Baja, with development projects that blend luxury, utility, and long-term value.

Today, Murano manages over $1 billion in appraised assets, has constructed more than 1,400 hotel rooms, and holds management agreements with several of the world’s top-tier hospitality operators. Continuity guides every decision, be it architectural or financial.

“Vision has always been at the core of what we do,” Sacal notes. “Whether we’re designing a hotel or allocating capital, the question is always the same—will this create value ten, twenty, or fifty years from now?”

As capital markets evolve and Bitcoin matures as an institutional-grade asset, Sacal is positioning Murano to meet the future with both feet on the ground and eyes firmly on the horizon.

He’s not rejecting traditional finance, but augmenting it. Not shifting strategies, but extending them.

Murano’s direction is clear: real assets on the ground, digital assets on the balance sheet.

And under Sacal’s leadership, it is becoming a model for how legacy institutions can evolve with clarity, discipline, and conviction — not by chasing trends, but by quietly setting the standard.

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