Strategy's bitcoin treasury swings back to an unrealized gain as BTC clears its average cost
The company held 840,447 BTC at an average purchase price of $75,385, putting the position roughly $1.4 billion in the money when bitcoin traded near $77,000.
Strategy's bitcoin treasury moved back above its average acquisition price as BTC rallied through $75,385. Decrypt reported that the company held 840,447 BTC and was sitting on roughly $1.4 billion in unrealized gains when bitcoin traded around $77,000. The move reverses an estimated $13 billion mark-to-market shortfall in July, when bitcoin was near $58,000.
That is a balance-sheet repricing, not cash profit. At the reported average purchase price, every bitcoin held by Strategy is exposed to the next move in BTC, and the calculation excludes the company's debt, preferred-stock claims, taxes and operating business. Strategy's public ledger identifies the company as the largest corporate bitcoin holder, while its current market value and reserve metrics change with the underlying asset.
The treasury is also changing its financing mix
The company has sold 6,948 BTC for roughly $432.5 million since May, according to the same Decrypt report, after years of executive chairman Michael Saylor promoting a "never sell" approach. It sold 1,690 BTC for about $109 million in the week ended Aug. 9, then did not buy or sell bitcoin the following week.
Strategy's Aug. 17 Form 8-K release said the company increased its U.S. dollar reserve by $150 million and repurchased $132 million of STRC preferred stock. Decrypt reported that Strategy raised $333.7 million by selling MSTR shares, allocating the proceeds among preferred dividends, the STRC buyback and the dollar reserve.
In a post linked from the filing coverage, Strategy said: "As of 8/16/26, we hold ₿840,447 in our BTC Reserve and $4.8B in our USD Reserve." The company's official post confirms the reserve figures, but it does not turn the bitcoin mark-to-market gain into realized cash.
The market response has now reached the securities around the treasury. The Block reported that MSTR rose 7.5% above $120 in early trading while STRC moved above $96 for the first time since June, as bitcoin briefly reached $79,400. The report also noted that Strategy had not bought bitcoin for roughly two months while building its dollar reserve. Those are market-price and financing signals, not evidence that the company has realized its bitcoin gain or removed its capital-structure risks.
A rally changes the pressure, not the structure
Bitcoin's move above Strategy's average cost reduces the immediate mark-to-market pressure on the treasury, but the capital structure remains exposed to volatility. The company still has to fund preferred dividends, manage its dollar reserve and decide whether future financing should buy bitcoin, support securities or cover obligations.
The useful follow-through data is therefore narrower than a bullish headline: whether BTC holds above $75,385, whether Strategy keeps adding to its dollar reserve, and whether its next weekly disclosure shows renewed purchases or further sales. The current gain shows how quickly the balance sheet can change with price; it does not establish a durable bull market or a trading signal.
