Key Takeaways
- Strategy’s 846,000 BTC is worth roughly $72 billion at a Bitcoin price of around $85,000, putting the position about $8 billion above its $63.8 billion acquisition cost.
- The turnaround follows a brutal second quarter, when falling Bitcoin prices led to an $8.2 billion quarterly loss, driven largely by unrealized losses on its BTC holdings.
- Strategy bought another 950 BTC for $75.7 million last week, while spending more than twice that amount repurchasing STRC preferred shares.
Strategy’s enormous Bitcoin position has swung back into billions of dollars of unrealized profit as BTC’s rally above $85,000 reverses much of the damage inflicted earlier this year.
The Michael Saylor-founded company now holds 846,000 BTC, acquired for approximately $63.8 billion at an average price of $75,416 per coin, according to Strategy’s latest disclosure.
With Bitcoin trading around $85,000 on Monday, those holdings are worth roughly $72 billion, leaving Strategy with approximately $8 billion in unrealized gains.
Bitcoin later climbed above $86,000, reaching its highest level since January.
From Billions Underwater to $8B Ahead
The turnaround has been rapid.
Strategy reported an $8.2 billion net loss for the second quarter, largely reflecting unrealized losses on its Bitcoin portfolio as BTC fell sharply. At points during the downturn, the gap between the market value of its holdings and acquisition cost approached $10 billion.
Bitcoin’s rebound has flipped that calculation.
At an $85,000 BTC price, each coin sits roughly $9,584 above Strategy’s current average acquisition price. Across 846,000 BTC, that works out to around $8.1 billion in paper gains.
Strategy’s exposure also remains enormous: its holdings represent just over 4% of Bitcoin’s fixed 21 million supply cap.
The gains remain unrealized. Bitcoin falling back below Strategy’s average purchase price of $75,416 would put the overall position underwater again.
Strategy Buys Another 950 Bitcoin
Strategy also used Bitcoin’s recovery to resume accumulation after a recent pause.
Between Sept. 14 and Sept. 20, the company purchased 950 BTC for $75.7 million, paying an average of $79,670 per Bitcoin. The purchase was funded from its cash rather than through new share issuance.
The company ended Sept. 20 with a $5.04 billion USD Reserve and $1.05 billion in USD Cash.
Interestingly, Bitcoin wasn’t Strategy’s biggest capital allocation last week.
It spent approximately $174 million to repurchase 1.77 million shares of its STRC preferred stock, more than twice what it spent on BTC.
Strategy has been repurchasing STRC as management tries to move the preferred shares closer to their $100 par value and reduce future dividend obligations.
Bitcoin Rally Lifts MSTR
Bitcoin’s move above $85,000 has also revived Strategy’s shares.
MSTR gained 16.4% last week, closing Friday at $153.92, while Bitcoin rose 5.3%. The stock was roughly flat in 2026 at that point, after recovering sharply from earlier losses, though it remained more than 50% below its level a year earlier.
Monday brought another boost as Bitcoin pushed higher, with Strategy shares jumping alongside Coinbase and other crypto-linked stocks.
The numbers show how quickly Strategy’s financial picture can change.
With 846,000 BTC, every $1,000 move in Bitcoin changes the market value of its holdings by roughly $846 million. A $10,000 BTC move means an $8.46 billion swing, even before Strategy buys or sells another coin.
[fo
Top Trending Crypto Articles
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
