Bitcoin's 20% surge flips Strategy's treasury from a $13 billion loss to a $1.4 billion gain
A $BTC move of more than 20% across recent trading sessions has upended the unrealized-loss narrative weighing on digital-asset corporate treasuries. Bitcoin climbed from a multi-month low of around $63,000 to above $77,000, and…
Key takeaways
- A Bitcoin move of more than 20%, from about $63,000 to above $77,000, flipped Strategy Inc's treasury from a reported $13 billion unrealized loss to a $1.4 billion gain.
- Strategy holds 840,447 Bitcoin at an average cost basis of $75,385, a position worth roughly $65 billion, or about 4% of Bitcoin's outstanding supply.
- Strategy has begun selling Bitcoin for the first time, including a $2 million sale on June 2, about $135 million in July, and two August sales each exceeding $100 million.
- CEO Michael Saylor remains a long-term Bitcoin bull but has shifted his focus to maintaining the existing treasury rather than accumulating further at all costs.
- A sustained pullback to the $75,385 average cost basis would erase the gain that just appeared on Strategy's books.
A $BTC move of more than 20% across recent trading sessions has upended the unrealized-loss narrative weighing on digital-asset corporate treasuries. Bitcoin climbed from a multi-month low of around $63,000 to above $77,000, and Strategy Inc (NASDAQ: MSTR) crossed from a reported $13 billion unrealized loss to a $1.4 billion gain on its 840,447-coin position.
The company, formerly known as MicroStrategy, began accumulating Bitcoin in 2020 at around $11,000, with its highest recorded purchase price reaching roughly $123,000 in 2025. Average cost basis: $75,385. At current prices, the 840,447-coin treasury carries a valuation of roughly $65 billion, or about 4% of Bitcoin's outstanding supply. Strategy generated $477 million in revenue last year, primarily from enterprise software, but the treasury dictates the stock's range of motion.
Capital posture shifting alongside the price recovery
Against the backdrop of the rally, Strategy has been adjusting its Bitcoin exposure in a way it never has before. On June 2, it initiated a $2 million sale. Purchases restarted later that month, but July brought a single sale of approximately $135 million, followed by two additional sales each exceeding $100 million in August. The company has also been selling additional equity and directing proceeds in part toward preferred share repurchases, moves that together signal a liquidity-management posture rather than outright accumulation.
CEO Michael Saylor stressed he remains a long-term Bitcoin bull. His focus, however, has shifted to maintaining the existing treasury rather than accumulating further at all costs. Sector-wide, the behavioral shift matters: one of the largest corporate proponents of Bitcoin accumulation is paring back the all-in posture that defined it.
The macro read-through for Bitcoin's store-of-value thesis runs in parallel. Cryptocurrencies have lost much of their luster as AI stocks have drawn investor attention in recent months. The "digital gold" framing, built on Bitcoin's fixed maximum supply and its position as the first major crypto use case, remains the long-term structural argument for the asset class. On balance, the near-term risk is positional: Strategy's average cost basis of $75,385 means a sustained pullback to that level would erase the gain that just appeared on its books.
Related reading
Source · 來源