Bitcoin’s sharp rally over the past two days has pushed Strategy’s bitcoin treasury back into the black. The company, which holds 840,447 BTC at an average cost basis of $75,385 per coin, moved into unrealized profit as bitcoin’s price climbed roughly 20% in 48 hours to trade near $77,900 — its highest level since May 26.
The move caps a stretch in which Strategy’s stack had been sitting underwater. Between August 3 and August 9, the company sold 1,690 BTC and used the roughly $108.6 million in proceeds to repurchase 1.15 million shares of its STRC preferred stock — the fourth such bitcoin sale the company has made in 2026. CEO Phong Le told Fox News earlier this month that Strategy would “return to buying Bitcoin before the end of the year,” even as it leaned on sales to shore up the preferred-stock side of its balance sheet.
Independent crypto analyst William Clemente framed the swing as a turning point for sentiment around the company:
Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings.
A Wall of Buy Orders Below
On-chain data cited alongside the move shows roughly 3.44 million BTC with a cost basis between $58,000 and $67,000, and 2.23 million BTC — about 11% of total supply — accumulated over just the past 11 weeks, forming a dense band of potential support beneath current prices. That cluster sits close to bitcoin’s 200-day simple moving average of $68,967, a level the asset had struggled to reclaim in recent months.
Related: Bitcoin Reclaims 200-Day Moving Average for First Time Since November
Institutional Holders Add Even as Filings Show Paper Losses
The rebound follows a rough stretch on paper: Strategy’s own SEC filings disclosed an $8.3 billion GAAP net loss tied to unrealized bitcoin losses earlier this year. Despite that, 12 of Strategy’s top 15 institutional shareholders added to their positions in the second quarter, lifting their combined holdings by roughly $700 million. Wall Street has trimmed its price targets to match the volatility — Clear Street, Benchmark and B. Riley all cut theirs while keeping Buy ratings intact, leaving the Street’s average target near $258.50.
That divergence — deepening paper losses even as institutions kept buying — echoes a broader debate over whether the current bounce marks a real trend change or just a sharp, short-lived squeeze. Glassnode’s on-chain analysis has argued the rebound looks more like a local rally than a confirmed reversal, a read that leaves Strategy’s newly profitable position more fragile than the headline number suggests.
For now, the breakeven milestone gives the company — and the wider cohort of corporate bitcoin holders that followed its playbook — some breathing room after a difficult stretch, even if the durability of the rally itself remains an open question.
