TL;DR:
Strategy, the company with the largest Bitcoin reserves in the world, returned to positive territory on its BTC treasury after the asset’s price surpassed $77,000 on Friday, August 21. The company, which holds approximately 840,447 BTC acquired at an average price of $75,385, now records an unrealized gain of approximately $1.4 billion, equivalent to 2.4% of its total cost basis. The shift is the result of a nearly 22% rise in bitcoin over five consecutive sessions, its largest rally in months.
For much of the year, Strategy had been carrying considerable unrealized losses. When bitcoin fell to $58,000 in July, the deficit reached approximately $13 billion, equivalent to 20.4% of the total cost of its holdings. Faced with that adverse context, the company sold a limited portion of its treasury: between August 3 and 9 it liquidated 1,690 BTC for $108.6 million to buy back 1.15 million shares of its STRC stock, in what constituted the company’s fourth Bitcoin sale of 2026.
The repurchase of STRC is an explicit management priority: restoring the $100 par value of that perpetual preferred share. Over the past four weeks, the firm repurchased approximately $347 million in STRC, deploying more than a third of its $1 billion buyback program. The share trades at around $95.62, 35% above its June low of $71.
Strategy’s chief executive officer, Phong Le, stated in an interview with Fox News in early August that the company will resume Bitcoin purchases before year-end. Independent analyst William Clemente noted on X that, following the price increase, Strategy is even more overcollateralized relative to its dollar-denominated obligations. The company also holds a dollar reserve of $4.8 billion, sufficient to cover 2.8 years of dividends and other financial obligations.
On the other hand, data from Glassnode revealed that 3.44 million BTC have an on-chain cost basis of between $58,000 and $67,000, forming a highly significant structural support zone in the event of a market pullback.
