Strategy's BTC Treasury Hits Breakeven as Bitcoin Surges Past $77K
Strategy's Bitcoin treasury has finally broken even after hitting $77,000, its highest level since May 26. The company, which holds 840,447 BTC worth around $63 billion at current prices, had a cost basis of $75,385 per coin.
The recent price surge has given the company a year-to-date gain of approximately $450 million, according to data from BitcoinTreasuries. This is a significant turnaround for Strategy, which had been facing concerns over the long-term viability of its Bitcoin investment thesis.
Independent crypto analyst William Clemente noted that the company's decision to sell some of its BTC holdings in August was a sign of strength, not weakness. '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,' Clemente wrote.
As Bitcoin continues to climb, analysts are looking at new support levels. Glassnode's Rafael Schultze-Kraft noted that around 11% of the total BTC supply has a realized price between $58,000 and $67,000, creating a potential safety net below $70,000.