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Strategy Sits on $1.4 Billion Profit on Bitcoin Holdings as Price Surges
The company’s 840,447 BTC holdings moved back above cost basis as bitcoin rose nearly 22% in five days, according to market data.
- 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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Strategy sits on $1.4 billion profit on bitcoin holdings as price surges
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Strategy (NASDAQ: MSTR) Stock Price Trades At 1.2x Book Value After Raising $334 Million In Fresh Share Sale
Strategy (NASDAQ: MSTR) has attracted renewed investor attention after selling approximately 3.5 million shares through its at-the-market program, raising roughly $334 million while leaving its 840,447 bitcoin position entirely intact. The share sale has strengthened Strategy’s balance sheet on paper, combining a substantial bitcoin treasury with a growing cash reserve that may not yet be fully reflected in the stock price. At a share price of $…
The Bitcoin price is now close to $77,000, which Michael Saylor is particularly pleased with. Why the recovery rally for Strategy comes at just the right time. Source: BTC-ECHO BTC-ECHO
Coverage Details
Total News Sources12
Leaning Left1Leaning Right1Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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