Strategy Swings From $13 Billion Bitcoin Loss to $1.4 Billion Profit as BTC Rallies
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Michael Saylor’s Bitcoin treasury company Strategy is back in the black on its massive Bitcoin holdings after a five-day rally pushed BTC above the company's average acquisition price.
Key facts
Strategy sold 1,690 BTC for $109 million during the week ending August 9, using the proceeds to repurchase STRC, its variable-rate perpetual preferred stock
The turnaround is a sharp reversal from July, when Bitcoin fell to roughly $58,000, and Strategy's holdings were about $13 billion underwater
Strategy shares rose roughly 10% in Friday pre-market trading to $120, their highest level in two months
The company holds 840,447 BTC, worth around $64.97 billion
Summary
Strategy is sitting on roughly $1.4 billion in unrealized gains on its Bitcoin holdings. The company holds 840,447 BTC acquired at an average price of $75,385. Bitcoin's rally follows months of pressure that pushed Strategy's position roughly $13 billion underwater in July. The company holds 840,447 BTC, worth around $64.97 billion.