Strategy Sits on $1.4 Billion Bitcoin Profit as BTC Surges Past $77K

Strategy's bitcoin holdings have turned into a $1.4 billion profit, following a sharp price increase in Bitcoin to over $77,000. The company now holds an unrealized gain of roughly 2.4% on its 840,447 BTC, acquired at an average purchase price of $75,385 per coin.

The recovery is a significant turnaround for Strategy, which had faced steep losses earlier in the year when Bitcoin fell 54% from its October all-time high of $126,000. In July, the company's unrealized loss reached approximately $13 billion, representing 20.4% of its total bitcoin cost basis at the time.

In addition to the recovery in Bitcoin, Strategy has also made progress on its perpetual preferred stock, STRC, which trades at $95.62 and is nearing its $100 par value target. The company has repurchased approximately $347 million worth of STRC over the past four weeks, amounting to more than a third of its $1 billion buyback authorization.