Bitcoin (BTC) reached $77,000 on Friday, pushing the corporate treasury of business intelligence firm Strategy back into profit.

Key points:

• Bitcoin hit its highest level since May 26 as it revisited $77,000.
• Price moved back above the cost basis for Strategy's BTC corporate treasury at $75,385.
• Around 11% of the BTC supply now forms a new band of support below $68,000.

Strategy out of the red with Bitcoin at highest since May

TradingView data showed fresh local highs above $77,400 ahead of the week's final Wall Street open.

Now up roughly 20% in 48 hours, BTC/USD saw little by way of consolidation as it reclaimed a key level for Strategy, the world's largest corporate Bitcoin treasury company. The firm, formerly known as MicroStrategy, pioneered the corporate Bitcoin treasury playbook in 2020 when it began converting balance-sheet reserves into BTC, a model since adopted by a range of other public companies. According to monitoring resource BitcoinTreasuries, the cost basis for Strategy's holdings of 840,447 BTC stands at $75,385, with the position currently showing a year-to-date gain of approximately $450 million.

A cost basis marks the average price paid for accumulated holdings, meaning a market price below it leaves a treasury position at an unrealized loss on paper. That relationship draws particular scrutiny for Strategy, which has financed its Bitcoin purchases through successive offerings of equity, convertible notes and preferred stock.

As Cointelegraph reported, between Aug. 3 and Aug. 9, Strategy sold a small portion of its treasury — 1,690 BTC — to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. STRC is one of the preferred-share vehicles the company has used to raise capital for Bitcoin purchases. The move marked the company's fourth Bitcoin sale of 2026.

The sales were accompanied by concerns over the long-term viability of the company's Bitcoin investment thesis, something the subsequent BTC price run-up should help alleviate, independent crypto analyst William Clemente suggested.

"Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings," he wrote on X, referring to former CEO Michael Saylor. Saylor, who led the company's 2020 pivot to Bitcoin, now serves as executive chairman.

In an interview with Fox News earlier in August, current CEO Phong Le stated that Strategy would return to buying Bitcoin before the end of the year.

New BTC buy wall sits below $68,000

Amid misgivings over the durability of Bitcoin's volatile upside move, analysis from onchain analytics platform Glassnode revealed a new safety net forming below $70,000.

Some 3.44 million BTC now have an onchain cost basis, also known as realized price, between $58,000 and $67,000. Realized price aggregates the price at which each coin last moved onchain, serving as a proxy for the average holder's breakeven. Of this, 2.23 million BTC — equal to around 11% of the total supply — was added over the past 11 weeks.

"It's the densest cost-basis cluster below spot — a key potential support zone on any retracement," Glassnode cofounder Rafael Schultze-Kraft commented on X.

BTC/USD broke through several key resistance levels this week, including its 200-day simple moving average (SMA) at $68,967, a key level to reclaim in order to end the long-term BTC price downtrend. The breakout marked another step in BTC's recovery from its earlier 50% drop from $126,000, a decline BlackRock said the market has since 'largely purged' of the froth that preceded it.

Related: Bitcoin has 'largely purged' froth that preceded 50% drop from $126K: BlackRock