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Strategy’s bitcoin stash is back in the black, though only slightly. The company, formerly known as MicroStrategy, holds 780,897 BTC at an average cost of $75,577 per coin. Bitcoin was trading above $77,870 this morning, putting the total value of the holding at roughly $60.8 billion. That implies an unrealized gain of about $1.8 billion, or around a 3% profit.
The rebound comes as bitcoin prices rose following the reopening of the Strait of Hormuz, a geopolitical development that lifted crypto markets more broadly.
Strategy’s bitcoin position has been volatile. On October 6, 2025, the company held 640,031 BTC when bitcoin reached $125,000. At that point, the paper profit on the holdings was about $32 billion.
By February 6, BTC had fallen to $59,930, reducing the position’s value to $42.7 billion. The unrealized loss at that time was approximately $11.5 billion.
Despite the drawdown, Strategy continued buying bitcoin, increasing its holdings through periods of sharp price swings. The company’s approach emphasized accumulation and avoiding sales, betting that bitcoin would eventually recover.
Strategy’s board maintained the plan through the downturn, including declaring preferred share dividends throughout the period. The article describes this as a signal of confidence while common stockholders experienced dilution as the company financed additional bitcoin purchases.
According to the content, the firm financed acquisitions through debt issuances and perpetual preferred sales. Over nearly six years, this aggressive accumulation built a large bitcoin position, but it also increased risk by tying the company’s financial health closely to bitcoin’s price movements.
The article notes that Strategy’s buying was not limited to lower price levels. During Q1 2026, the company acquired BTC at a volume-weighted average cost near $80,929. Those higher-cost purchases raised the overall average cost basis, which reduced the significance of the current rebound.
While Strategy previously enjoyed a $32.6 billion gain, it is now showing an unrealized gain of about $1.8 billion. The content attributes the smaller profit to the higher average cost basis, stating that buying near $81,000 while the average was already above $75,000 meant bitcoin would need to rise much further to break even on the most recent purchases.
Even with the current uptick, the article characterizes the position as precarious due to bitcoin’s volatility. It warns that a single unfavorable week could erase the $1.8 billion gain and push Strategy back into unrealized losses.
Critics questioned the execution, arguing that buying bitcoin during its decline—particularly at prices above the existing average—raised the average cost basis from around $70,000 to $75,577. The content says some analysts believe Strategy should have waited for better entry points rather than continuing to buy continuously regardless of price.
Overall, the article frames Strategy’s results as heavily dependent on bitcoin’s performance, with the recent rise providing only temporary relief. For now, the unrealized gain offers breathing room, but the outcome remains tied to where bitcoin trades next.
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