TLDR:
- Strategy Bitcoin holdings moved about $192 million into unrealized profit when BTC traded at $75,613, just $228 above the company’s average cost.
- Strategy disclosed 840,447 BTC acquired for $63.36 billion, with an average purchase price of $75,385 including fees and expenses.
- A $1,000 change in Bitcoin shifts the treasury’s market value by roughly $840.4 million, making the reported paper gain highly price-sensitive.
- BitMine’s 5,815,164 ETH carried an estimated $5.792 billion unrealized loss at $2,370, based on an outside $3,366 average-cost estimate.
Strategy Bitcoin holdings briefly returned to unrealized profit on August 21 after Bitcoin climbed above the company’s aggregate acquisition price. Market data placed BTC near $75,613 during the rally, slightly above Strategy’s $75,385 Bitcoin cost basis. That $228 gap valued the company’s 840,447 BTC position around $191.6 million above purchase cost.
The move followed an 8.5% daily rise, but the cushion stayed narrow and changed alongside Bitcoin’s price. Meanwhile, the BitMine Ethereum treasury remained far below its estimated average cost. Ether near $2,370 left that position, carrying an estimated paper loss of about $5.79 billion despite the strong market rebound.
Strategy Bitcoin Holdings Cross the $75,385 Cost Basis
Strategy’s August 17 SEC filing reported 840,447 BTC with an aggregate purchase cost of $63.36 billion. The average price includes fees and expenses. The company made no Bitcoin purchases or sales from August 10 through August 16.
At $75,613, Strategy Bitcoin holdings carried a market value near $63.55 billion. Subtracting the disclosed aggregate cost produces the $191.6 million estimate. Rounding explains the widely cited $192 million figure.
Strategy Bitcoin holdings provide a momentary comparison. Bitcoin near $75,500 would narrow the surplus to roughly $96.7 million. A $1,000 BTC move changes the treasury’s market value by about $840.4 million.
The Bitcoin cost basis also does not measure Strategy’s entire financial position. It excludes debt, preferred securities, cash, interest, dividends, and the software operation. Strategy’s latest filing showed $4.80 billion in its dollar reserve.
The company raised $333.7 million by selling 3,458,866 MSTR shares during the latest reporting week. It allocated $52.4 million to STRC dividends and $132.2 million to STRC repurchases. Another $149.1 million went into the dollar reserve. Strategy Bitcoin holdings therefore stayed unchanged while equity issuance supported liquidity needs.
Current accounting adds another distinction. FASB rules require qualifying crypto assets to carry fair value, with changes reported through earnings. A simple market-value comparison may differ from Strategy’s eventual quarterly result, which also includes other corporate items.
BitMine Ethereum Treasury Still Faces a Wide Cost Gap
BitMine’s August 17 company release confirmed 5,815,164 ETH, including 9,926 tokens purchased during the previous week. It also reported 210 BTC and $78 million in cash and securities.
The release did not disclose a $3,366 average ETH purchase price. That figure comes from third-party treasury estimates, so readers should treat the resulting loss as an outside calculation. At $2,370, Ether traded $996 below that estimate.
Multiplying the gap by BitMine’s reported balance produces an unrealized loss near $5.792 billion. The BitMine Ethereum treasury would hold a market value of roughly $13.78 billion at that price. Its estimated acquisition cost would approach $19.57 billion.
Ethereum would need to rise about 42% from $2,370 to reach $3,366. This assumes the balance and outside cost estimate remain unchanged. Additional purchases below the average could reduce that threshold, while higher-priced purchases could raise it.
BitMine reported 5,067,309 staked ETH, equal to about 87% of its treasury. The company projected $250 million in annualized staking revenue from recent rates. It also cited a 2.61% annualized seven-day yield from its staking operations.
Those rewards provide recurring tokens, although yields, validator balances, and Ethereum prices can change. They do not immediately erase the BitMine Ethereum treasury’s estimated market deficit.
Strategy Bitcoin holdings face a much smaller price gap, but their status can reverse within minutes. Bitcoin must stay above the $75,385 Bitcoin cost basis to preserve the paper gain. Strategy’s next weekly SEC update will reveal any purchases, sales, share issuance, reserve changes, or preferred-stock funding after August 16.
