Strategy Inc. swings from $9.5 B loss to $4.7 B profit as Bitcoin rallies

Strategy Inc. (Nasdaq: MSTR), the largest corporate holder of Bitcoin, saw its 840,447‑BTC treasury swing from a roughly $9.5 billion unrealized loss to a $4.7 billion unrealized profit in about a week.

Bitcoin price drive

Bitcoin rallied to as high as $81,000, pushing the price above Strategy’s average acquisition cost of $75,385 per coin on Aug 21. The rise lifted the company’s position into the green after months of being underwater when Bitcoin traded in the low $60,000s.

Scale of the swings

• Each $1,000 move in Bitcoin’s price changes the value of Strategy’s holdings by roughly $840 million.
• The total cost basis of the 840,447 BTC is about $63.36 billion.
• Bitcoin’s gain of more than $20,000 from its $58,000 low accounts for the $14.2 billion swing in unrealized value.

Company stance and actions

Executive Chairman Michael Saylor has reiterated a long‑term “never sell” policy for the bulk of the Bitcoin stack, though the company has sold small amounts to fund dividends on its STRC perpetual preferred stock. In the same week of the swing, Strategy bought no new Bitcoin, instead accumulating cash and repurchasing preferred stock.

Historical context

Similar double‑digit‑billion swings have occurred before; in July, the firm was on track for a $14 billion unrealized gain before a pullback turned the quarter into an $8.2 billion loss.

Outlook

The sustainability of the profit depends on Bitcoin maintaining levels above $80,000, a threshold some market observers link to broader liquidity dynamics.