Bitcoin's Rapid Climb Puts Strategy Back in the Black With $1.4 Billion Gain
- Bitcoin reached $77,000 on Friday as business intelligence company Strategy's corporate treasury returned to profit with an unrealized gain of roughly $1.4 billion on its 840,447 BTC holdings.
- Previously, Bitcoin fell roughly 54% from its October all-time high of $126,000, leaving Strategy with an unrealized loss of about $13 billion when prices dipped to $58,000 in July.
- On Friday, Strategy's common stock rose 10% to $120, its highest level in two months, while preferred stock STRC is up roughly 35% from its June low of $71.
- Strategy has repurchased roughly $347 million of STRC over four weeks, deploying over a third of its $1 billion buyback authorization, and increased its U.S. dollar reserve to $4.8 billion.
- Glassnode analysts revealed a new safety net forming below $70,000, suggesting Bitcoin has 'largely purged' the froth that preceded its drop from $126,000, as the asset broke through its 200-day simple moving average at $68,967.
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33 Articles
MSTR Heads for Fourth Straight Gain as Bitcoin Rally Adds an Estimated $12.2 Billion in Market Value
Strategy (MSTR) shares advanced more than 34% from their August 18 close as Bitcoin’s recovery increased the value of the company’s 840,447 BTC holdings by approximately $11.1 billion. Strategy Inc.Visit Website
Bitcoin's Rapid Climb Puts Strategy Back in the Black With $1.4 Billion Gain
Bitcoin roared higher this week. The price jumped from $62,800 at the start of the week to $77,300 early on Aug. 21. That’s a 23% surge in just days. And it delivered an immediate payoff for one of its biggest corporate backers. Strategy, the software firm turned Bitcoin treasury powerhouse, now sits on an unrealized profit of $1.4 billion on its holdings. The gain equals 2.4% of its position. Months of red ink vanished almost overnight. Yet the…
Cointelegraph
The New York LedgerBitcoin Passing $75,400 Puts Strategy BTC Treasury Back In Profit
Bitcoin returns Strategy’s BTC corporate treasury to profit as two-day BTC price gains reach 20%.
Strategy sits on $1.4 billion profit on bitcoin holdings as price surges
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