Strategy Sees $18B Fortune Swing as Bitcoin Surges Past $85K

Strategy (NASDAQ:MSTR) has seen its fortunes swing dramatically in recent weeks. The company's unrealized loss turned into an $8 billion profit as Bitcoin (CRYPTO: BTC) hit a price of $85,000.

This reversal happened quickly due to Bitcoin's climb off summer lows directly revaluing Strategy's massive holdings, turning paper losses into gains almost overnight.

Market commentator Scott Melker noted that while Bitcoin is down 4% for the year, MSTR is up 8%. He also pointed out that a few months ago, Strategy was facing the possibility of its value plummeting to zero.

The company's recent purchase of 950 Bitcoin for $75.7 million has contributed to this swing in fortunes, bringing total holdings to 846,000 BTC worth roughly $71.9 billion.