Strategy’s Bitcoin holdings are back in the black after BTC climbed roughly 22% over five consecutive sessions, erasing billions of dollars in paper losses accumulated during the summer selloff.

The company holds 840,447 BTC, acquired for $63.36 billion at an average price of $75,385 per coin. With Bitcoin trading near $77,300 at the latest check — after touching an intraday high above $79,000 — Strategy’s treasury now sits roughly $1.6 billion above its aggregate acquisition cost.

The turnaround comes only weeks after the same holdings were deeply underwater, when Bitcoin traded below $60,000.

Strategy — the Virginia-based enterprise-software company formerly known as MicroStrategy, whose executive chairman Michael Saylor championed the move into Bitcoin — began converting its balance sheet to BTC in August 2020 and has since assembled the largest corporate Bitcoin treasury in existence, a stack larger than the holdings of any single spot Bitcoin exchange-traded fund. The playbook has since been copied by companies including Japan’s Metaplanet and the U.S.-listed Semler Scientific, extending Strategy’s influence across a widening cohort of corporate Bitcoin holders.

Rally Erases the Paper Loss

Strategy’s cost basis became one of the clearest levels in Bitcoin’s latest breakout. BTC pushed through $79,244 after clearing $74,000 in a short squeeze that wiped out more than $3 billion in bearish crypto positions, completing a dramatic reversal of the summer drawdown.

The company had been carrying an unrealized loss of roughly $13 billion when Bitcoin traded near $60,335 in June, and the gap widened again in July when BTC slipped below $60,000.

Since then, Bitcoin has climbed from the low-$60,000 range through $70,000 and $75,000, briefly topping $79,000, as improving liquidity, stronger ETF flows, falling long-term Treasury yields and forced short covering accelerated the rebound.

The broader move has also pulled Ethereum and large-cap altcoins sharply higher. ETH jumped alongside Bitcoin as the rally spread across the crypto market, adding spot demand beyond the initial BTC-driven squeeze.

Strategy Still Holds 840,447 BTC

Strategy’s Bitcoin balance has fallen slightly from its June peak after the company introduced BTC sales into its capital-management framework. Between August 3 and August 9, Strategy sold 1,690 BTC for $108.6 million at an average price of $64,262. The proceeds funded repurchases of STRC preferred shares, bringing the treasury down to its current 840,447 BTC. STRC is one of several preferred and convertible instruments Strategy has issued over the years to finance its Bitcoin purchases and manage its capital structure.

The sales followed a difficult second quarter in which Strategy recorded an $8.22 billion net loss as falling Bitcoin prices weighed on its digital-asset position. The scale of that loss reflects accounting as much as price: after adopting fair-value accounting for digital assets at the start of 2025, Strategy marks its Bitcoin holdings to market each quarter, so swings like the summer drawdown — and the current rebound — flow directly into reported earnings.

The company has maintained its enormous BTC exposure while building a larger dollar reserve and actively managing preferred-stock obligations, rather than returning immediately to aggressive Bitcoin purchases.

$75,385 Becomes the Breakeven Line

Bitcoin now sits above Strategy’s average acquisition price for the first time since the latest rally began, turning the company’s treasury from a multibillion-dollar paper loss into a positive position within weeks. Every $1,000 move in Bitcoin changes the market value of Strategy’s 840,447-BTC stack by roughly $840 million, giving the company enormous sensitivity to relatively small moves around its cost basis.

At Bitcoin’s latest price near $77,300, Strategy’s BTC holdings are worth roughly $65 billion, compared with their $63.36 billion aggregate acquisition cost.

Source: Crypto Adventure