TLDR
- Strategy’s 840,447 Bitcoin holdings briefly turned profitable after Bitcoin rose above the company’s $75,385 average cost per coin.
- Bitcoin climbed 8.5% in a single day, touching roughly $75,613 before slipping back.
- The unrealized gain moved from about $191.6 million down to near $97.5 million as prices shifted.
- BitMine’s Ethereum treasury remains deeply unprofitable, with an estimated $5.79 billion unrealized loss.
- Strategy sold Bitcoin earlier this month to fund share buybacks and says it plans to resume buying in 2026.
Strategy’s Bitcoin treasury moved back into profit for a short window on August 21. The shift happened after Bitcoin’s price climbed above the company’s average purchase cost of $75,385 per coin.
Strategy holds 840,447 Bitcoin. The company paid roughly $63.36 billion for that stack, including fees and other costs tied to buying it.
Bitcoin jumped about 8.5% over 24 hours. It traded between roughly $69,498 and $75,528 during that stretch, based on crypto.news market data.
At the high point near $75,613, Strategy’s holdings sat about $228 above cost per coin. That put the paper gain at around $191.6 million.
Prices moved fast, though. Bitcoin later slipped to about $75,500, cutting the estimated gain down to roughly $97.5 million.
How Strategy’s Treasury Math Works
A $1,000 change in Bitcoin’s price shifts the value of Strategy’s holdings by about $840.4 million. That is why the gain figure moved so quickly within hours.
An unrealized gain is not cash. Strategy would need to sell Bitcoin or use it in a financing deal to turn the paper gain into actual money.
Under current accounting rules, crypto holdings are valued at market price, with changes showing up in earnings reports. This differs from a simple comparison of market value against total purchase cost.
Strategy sold 1,690 Bitcoin for $108.6 million during the week ending August 9. It used that money to buy back about 1.15 million STRC preferred shares.
The company made no Bitcoin trades the following week. Instead, it raised $333.7 million by issuing new common shares, according to its latest filing.
Strategy shares rose about 7.8% on Thursday and closed near $112.39. Company CEO Phong Le has said Strategy plans to start buying Bitcoin again sometime in 2026, though no date has been set.
BitMine’s Ethereum Position Tells a Different Story
BitMine Immersion Technologies reported holding 5,815,164 Ethereum tokens as of August 16. That included 9,926 tokens added during the prior week.
Of that total, about 5,067,309 tokens are staked, which is close to 87% of BitMine’s full holdings.
Third-party estimates put BitMine’s average purchase cost near $3,366 per token. With Ethereum trading around $2,371, that gap points to an unrealized loss of about $5.79 billion.
BitMine has projected $250 million in annualized staking revenue based on recent yields. That number is a forecast and could change if rates or token prices shift.
For BitMine’s treasury to reach its estimated break-even point, Ethereum would need to rise about 42% from current levels.
Strategy’s next weekly filing will show whether it held steady, bought more Bitcoin, or sold again. Its results will keep depending on whether Bitcoin stays above $75,385 per coin.
