Strategy’s Bitcoin treasury briefly returned to an unrealized profit on Aug. 21 after Bitcoin climbed above the company’s $75,385 average acquisition price.
Summary
- Strategy holds 840,447 Bitcoin acquired for $63.36 billion at $75,385 per coin including expenses overall.
- Bitcoin climbed above Strategy’s average acquisition price during an 8.5% daily market rally on Friday.
- At $75,613, Strategy’s holdings carried approximately $192 million in unrealized gains before prices changed again.
- BitMine reported 5,815,164 ETH with 5,067,309 tokens staked through its validator network currently in operation.
- Ethereum near $2,371 leaves BitMine’s treasury deeply below the reported $3,366 average cost estimate currently.
Bitcoin reached approximately $75,613 during the rally, placing Strategy’s 840,447 BTC about $228 per coin above its disclosed cost basis. Multiplying that difference by its holdings produced an estimated unrealized gain of approximately $191.6 million.
The gain changed rapidly with Bitcoin’s price. Crypto.news price data later placed BTC near $75,500, reducing the estimated surplus to about $97.5 million. These figures are snapshots rather than fixed company results.
Strategy Bitcoin holdings cross their cost basis
Strategy reported that its remaining Bitcoin was acquired for approximately $63.36 billion, including fees and expenses. The position carried an average purchase price of $75,385 per coin as of Aug. 16.
Bitcoin rose about 8.5% over 24 hours, trading between approximately $69,498 and $75,528, according to crypto.news market data. The move brought the asset above Strategy’s average price for the first time since its recent decline.
The company’s Bitcoin position remains below its June peak of 847,363 BTC. Strategy sold several batches during the summer to support preferred share payments, repurchases and its U.S. dollar reserve.
As previously reported, the company sold 1,690 BTC for $108.6 million during the week ending Aug. 9. It used those proceeds to repurchase approximately 1.15 million STRC preferred shares.
Strategy made no Bitcoin purchases or sales during the following week. It instead raised $333.7 million by issuing MSTR common shares, according to its latest regulatory disclosure.
Unrealized gains remain sensitive to Bitcoin price
Strategy needs Bitcoin to remain above $75,385 for its current treasury to stay above the disclosed aggregate purchase cost. A $1,000 movement in Bitcoin changes the position’s market value by approximately $840.4 million.
An unrealized gain does not provide cash unless Strategy sells Bitcoin or uses the holdings in a financing transaction. It also does not account for the company’s debt, preferred stock obligations, cash holdings or software business.
Under current U.S. accounting rules, qualifying crypto assets are measured at fair value, with changes recognized through earnings. However, accounting results can differ from the simple comparison between market value and aggregate purchase cost.
MSTR gained approximately 7.8% during Thursday’s session and closed near $112.39. The stock’s performance can differ from Bitcoin because shareholders also face dilution, financing costs and claims from securities that rank above common stock.
In related coverage, Strategy CEO Phong Le said the company plans to resume Bitcoin accumulation during 2026. The company has not announced a date or amount for its next purchase.
BitMine remains below its reported Ethereum cost
BitMine Immersion Technologies reported 5,815,164 ETH as of Aug. 16 after adding 9,926 tokens during the preceding week. Its company release also listed 198 Bitcoin and other investments.
Third-party treasury data estimated BitMine’s average ETH acquisition cost at approximately $3,366. BitMine’s latest company release confirmed the token balance but did not provide that average cost figure. It should therefore be treated as an outside calculation rather than a company-confirmed amount.
With Ethereum trading around $2,371, the difference from the reported average cost was approximately $995 per token. Applied across 5,815,164 ETH, that produces an estimated unrealized loss of about $5.79 billion.
As crypto.news reported, BitMine increased its holdings to 5.82 million ETH while staking approximately 5,067,309 tokens. The staked balance represented about 87% of its reported ETH holdings.
The company projected $250 million in annualized staking revenue using recent yields. That figure remains a management forecast because staking rates, token prices and active balances can change.
What happens next for both treasuries
Strategy’s next weekly SEC filing will show whether it maintained its Bitcoin holdings, resumed purchases or sold more coins. Its future position relative to cost will depend primarily on whether BTC holds above $75,385.
Strategy must also balance Bitcoin accumulation against its preferred dividends, security repurchases and dollar reserve. Its previous filings showed that recent share sales were directed toward liquidity rather than additional Bitcoin purchases.
BitMine’s position requires a larger price recovery to return to the reported average cost estimate. Ethereum would need to rise about 42% from $2,371 to reach $3,366, assuming the estimated cost and treasury balance remain unchanged.
Future BitMine disclosures will also show whether staking rewards and further purchases reduce its effective average cost. Until those figures are reported, comparisons between the two treasuries remain market value estimates rather than realized corporate gains or losses.
