Strategy’s Bitcoin Stack Swings From $9.5B Loss to $4.7B Profit as BTC Tops $80,000

Michael Saylor’s Strategy has flipped from a $9.5 billion unrealized loss to a $4.7 billion paper profit on its Bitcoin holdings in just seven days, as BTC climbed from the low $60,000s to a multi-month high above $81,000. The swing of roughly $14 billion tracks a week in which Bitcoin gained about 25% and briefly traded above $80,000 for the first time since mid-May.

Strategy’s own dashboard shows the company holding 840,477 BTC at an average purchase price of $75,385. That cost basis matters: it sits close to where Bitcoin was trading only days ago, which explains why the position moved from deeply red to firmly green so fast.

Cash Moves, No New Bitcoin Purchases

Strategy has not bought or sold any Bitcoin during the rally. Its last BTC transaction was a sale of 1,690 tokens on August 10.

Instead, the company has been managing its capital structure. It sold 18.26 million MSTR shares for $2.01 billion, routing $1.59 billion of that into a newly created reserve called USD Cash, which Strategy says is earmarked for future Bitcoin purchases. The firm’s regular USD reserve grew to $5.1 billion over the same period.

Strategy also repurchased $136 million of its STRC preferred shares. Those shares were last quoted at $97.21, closing in on their $100 par value.

Saylor’s Reframing

Saylor addressed the reversal on X, writing: “Bitcoin is not abandoning its principles. It is transcending its prejudices.” The comment followed a longer essay in which he argued that Bitcoin’s expansion into ETFs, corporate treasuries and regulated custody is a natural stage of the network’s growth rather than a departure from its original design.

Options Traders Chase Further Upside

The rally has spilled into derivatives markets. Traders have placed roughly $2.9 million in bets on Bitcoin jumping above $82,000, according to Laevitas data. Demand for downside protection has stayed firm too, suggesting the market is hedged on both sides even as spot prices push higher.

Strategy’s average cost of $75,385 leaves its 840,477 BTC stack still sensitive to swings. A retreat back toward the low $70,000s would erase a meaningful share of the paper gains booked over the past week.

Sources

• cryptopotato.com
• coindesk.com