Strategy, the Bitcoin treasury company led by Executive Chairman Michael Saylor, is back in the black on its massive Bitcoin holdings after a five-day rally pushed BTC above the company's average acquisition price.

The company holds 840,447 BTC, acquired at an average price of $75,385 and worth around $64.97 billion, according to its corporate ledger. That is the largest Bitcoin treasury held by any publicly traded company, and under the fair-value accounting rules for digital assets that took effect in 2025, swings between paper losses and gains flow directly through the company's quarterly earnings. With Bitcoin trading around $77,000, Strategy is sitting on an unrealized gain of roughly $1.4 billion, or 2.4%.

The turnaround marks a sharp reversal from July, when Bitcoin fell to roughly $58,000 and Strategy's holdings were roughly $13 billion underwater. Bitcoin remains well below its October all-time high of $126,000.

Strategy shares rose roughly 10% in Friday pre-market trading to $120, their highest level in two months. The stock has long traded as one of the most Bitcoin-sensitive names on the market, often moving more sharply than the cryptocurrency itself, as many investors use the shares as a listed proxy for Bitcoin exposure.

Treasury management shift

The rebound follows a shift in how Strategy manages its Bitcoin treasury. After years of Saylor championing a "never sell" approach, the company has sold 6,948 BTC for roughly $432.5 million since May — a notable departure for a business built on raising capital through successive rounds of common shares, convertible debt, and preferred stock and channeling it into Bitcoin purchases.

During the week ending August 9, Strategy sold 1,690 BTC for $109 million, using the proceeds to repurchase STRC, its variable-rate perpetual preferred stock. The sale reduced its holdings to 840,447 BTC.

The following week, Strategy stopped selling Bitcoin and instead raised $334 million through MSTR share sales. The company used the proceeds for preferred dividends, STRC buybacks, and its dollar reserve, which increased to $4.8 billion.

Rally gains speed amid regulatory push

The turnaround comes as Bitcoin has surged nearly 23% over five consecutive days—its strongest run in months—after spending much of the summer trading in the low-to-mid $60,000 range.

The rally accelerated this week after President Donald Trump on Wednesday urged Congress to advance the Clarity Act, which would establish a federal framework for digital assets and divide oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission. Market-structure legislation has been a top policy priority for crypto companies, which have long argued that uncertainty over whether a token falls under the SEC's or the CFTC's jurisdiction has constrained what they can offer U.S. customers.

On Thursday, CFTC Chair Michael S. Selig said he had directed staff to prepare crypto market structure rules in case Congress fails to pass the legislation.

"If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets," he said.