Strategy now holds a $1.4 billion unrealized gain on its 840,447 BTC position as Bitcoin trades near $77,000. The company's average acquisition cost sits around $75,385—meaning every dollar above that level counts. At current prices, the entire position swings 2.4 percent in the black, a sharp reversal from the $13 billion paper loss that haunted the balance sheet in July.
The profitability flip matters because it tests whether Michael Saylor's "never sell" doctrine holds when the math works. Strategy did sell 6,948 BTC between May and early August, raising $432.5 million—including 1,690 BTC for $109 million during the week ending Aug. 9. Those proceeds went straight into STRC buybacks, the company's variable-rate perpetual preferred stock.
But the selloff stopped. Instead of pushing more Bitcoin out the door, Strategy raised $334 million through MSTR share sales the following week and parked it into preferred dividends, STRC buybacks and a $4.8 billion cash reserve. The message: accumulate dry powder, not sell BTC at a loss.
MSTR stock reflected the shift, rising roughly 10 percent in Friday pre-market trading to $120—its highest level in two months. That's the equity premium investors pay when Bitcoin moves in Strategy's favor.
Bitcoin's five-day surge—nearly 23 percent—marks its strongest run in months. The asset had been stuck in the low-to-mid $60,000s through summer before the breakout.
The catalyst arrived Wednesday when President Donald Trump urged Congress to advance the CLARITY Act, which would establish a federal framework splitting digital asset oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
CFTC Chair Michael S. Selig responded Thursday, stating he directed staff to prepare crypto market structure rules if Congress fails to pass the legislation. "If Clarity continues to stall because of Democrat obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets," Selig said.
Bitcoin remains below its October all-time high of $126,000.
