Strategy Treasury Reaches Breakeven as Bitcoin Surpasses $77K
Bitcoin reached its highest price since May 26 this week, surpassing $77,000. This milestone is particularly significant for Strategy, a business intelligence company with the world's largest corporate Bitcoin treasury. The company's holdings of 840,447 BTC had a cost basis of $75,385, but have now gained approximately $450 million in value since the start of the year.
Strategy sold a small portion of its treasury between August 3 and 9, worth 1,690 BTC, to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. This move was seen as a way for the company to alleviate concerns over the long-term viability of its Bitcoin investment thesis.
Independent crypto analyst William Clemente suggested that this price run-up should help alleviate those fears, stating, 'Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings.'