Strategy's BTC Position Turns Profitable After Summer of Losses

Strategy, led by Michael Saylor, has seen its Bitcoin position turn profitable for the first time since July. The company's stash of 840,447 BTC, bought at an average price of $75,385, is now worth around $65.89 billion, a gain of near $2.53 billion or 4.0%.

This turnaround comes as Bitcoin surged past $78,000, pushing Strategy back in the green after a summer of losses. In July, with Bitcoin trading at around $58,000, the company's position was approximately $13B in the red.

Interestingly, this reversal occurs despite Saylor selling 6,948 BTC for about $432.5 million since May, including 1,690 BTC for $109 million during the week ending August 9. The proceeds from these sales went towards buying back STRC, its variable-rate preferred stock.