Strategy, the company formerly known as MicroStrategy and the world’s largest corporate Bitcoin holder, has swung back into unrealized profit on its massive Bitcoin treasury.
According to data from Arkham Intelligence, the company is now up approximately $1.72 billion as Bitcoin trades above the company’s average acquisition cost.
Strategy currently holds 840,447 BTC, purchased at an average price of about $75,385 per coin for a total cost basis near $63.36 billion. With Bitcoin recently surging past the $79,000 range after a sharp multi-day rally, the market value of those holdings has moved above the cost basis for the first time in months.
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The turnaround marks a notable recovery. Recall that earlier this year, Bitcoin’s decline from its October peak near $126,000 left Strategy sitting on multi-billion-dollar paper losses at times exceeding $10 billion.
During the weaker period, when prices hovered in the low-to-mid $60,000s, the company sold roughly several thousand BTC, its first meaningful sales in years to help fund preferred share distributions, stock repurchases, and the building of a substantial U.S. dollar cash reserve now reported around $4.8 billion.
Strategy BTC sale represented only a small fraction of its massive holdings, but it sparked discussions across the crypto market about the firm’s evolving treasury strategy and what it could signal for institutional Bitcoin adoption going forward.
Critics noted that the sale contrast Saylor’s long-standing “never sell your Bitcoin” message. Saylor, who has repeatedly emphasized Bitcoin as a treasury reserve asset, popularized the idea that the company’s holdings were not meant to be sold for short-term gains.
With Bitcoin recent price action surging above the $79,000 range, reports reveal that the rally has been heavily amplified by forced buying from liquidated short positions.
Data from tracking platforms showed more than $1 billion in short liquidations in recent 24-hour periods, part of a multi-day total exceeding $4 billion in bearish bets wiped out since the breakout began.
The latest rebound has been fueled in part by a wave of short liquidations and renewed buying interest. Notably, Strategy’s common stock reacted positively to the improved Bitcoin position, climbing in recent sessions as investors once again focused on the company’s leveraged exposure to the asset.
Saylor has long framed Bitcoin as a superior treasury reserve asset and has maintained a high-conviction approach even through significant drawdowns. While the firm has adjusted its pure “never sell” posture in 2026 to manage obligations, the core strategy of accumulating and holding large amounts of Bitcoin remains intact.
As of the latest available figures, the position is once again profitable on paper, reinforcing the narrative that patient corporate holders can weather volatility when prices recover.
Outlook
Looking ahead, Strategy’s Bitcoin position could become increasingly sensitive to the cryptocurrency’s next major price move. If Bitcoin sustains its momentum above $79,000 and moves toward the $80,000–$100,000 range, the company’s unrealized gains could expand significantly, strengthening its balance sheet and potentially improving investor sentiment toward its stock.
However, the outlook remains closely tied to Bitcoin’s volatility. A renewed correction below Strategy’s average acquisition price of roughly $75,385 would once again push the company’s treasury into an unrealized loss and could revive concerns about its leverage, financing obligations and reliance on capital markets to support its Bitcoin strategy.
The company’s ability to maintain its large Bitcoin position while managing its financial obligations will therefore remain a key focus for investors.