Strategy Bitcoin Treasury Returns to Profit as BTC Passes $77K

Key Point

TradingView data showed Bitcoin rose above $77,400 before the final Wall Street open on Friday. BitcoinTreasuries data puts Strategy's cost basis for 840,447 BTC at $75,385, with a year-to-date gain of approximately $450 million. Strategy sold 1,690 BTC between Aug. 3 and Aug. 9 to repurchase 1.15 million STRC preferred shares for $108.6 million. Glassnode found that 3.44 million BTC have an onchain cost basis between $58,000 and $67,000.

Market Sentiment

Cautiously Bullish, Event-driven, Volatile.

Reason: Bitcoin rose around 20% in 48 hours and moved above Strategy's $75,385 cost basis.

Similar Past Cases

This type of price recovery typically improves confidence in corporate Bitcoin treasury balances, but it does not establish a lasting price floor. Strategy's large Bitcoin holdings can make its balance sheet sensitivity more visible than companies with smaller holdings.

Ripple Effect

A sustained Bitcoin price above Strategy's cost basis could reduce concern about treasury losses and support sentiment around corporate Bitcoin holdings. If Bitcoin falls back toward the large realized-price cluster, market participants may reassess whether the support zone holds.

Opportunities & Risks

Opportunities: The main watchpoint is whether Bitcoin holds above Strategy's $75,385 cost basis. A sustained hold would keep Strategy's treasury above breakeven.

Risks: Investors can monitor whether Bitcoin retreats toward the $58,000–$67,000 realized-price cluster identified by Glassnode. A break below that area could weaken the current support view.