BTC Surpasses $77,000, Putting Strategy Treasury Back in Profit
Strategy's corporate treasury has returned to profit after Bitcoin (BTC) hit its highest level since May 26, reaching $77,000 on Friday.
The price of BTC surpassed the cost basis for Strategy's holdings at $75,385, putting the company in a profitable position with an estimated gain of approximately $450 million year-to-date.
Data from TradingView showed new local highs above $77,400 prior to the week's final Wall Street open. The price of BTC has seen little consolidation and has reclaimed a key level for Strategy, which is the world's largest corporate Bitcoin treasury company.
Concerns over the long-term viability of the company's Bitcoin investment thesis have been alleviated by the recent price run-up, according to independent crypto analyst William Clemente. He noted that the company's willingness to sell BTC and rebuy STRC preferred stock had abated fears for a while.