Strategy’s 840,447 BTC holdings climbed back to roughly $2.8 billion in unrealized profit this weekend. Co-founder Michael Saylor marked the moment with two words on X: “We’re Back.” Speculation followed fast. The company has not bought bitcoin in about two months. Is the pause over?
Saylor’s early Sunday morning on X post featured a chart he has historically used to tee up Strategy’s weekly purchase disclosures. Those announcements typically land Monday mornings. Decrypt noted the roughly two-month gap since the last addition. For the world’s largest corporate BTC holder, that is a notable stretch.
At a bitcoin price near $79,007 on Sunday, per CoinGecko data cited by Decrypt, the 840,447 BTC stash was worth approximately $66.4 billion. Strategy paid an average of $75,653 per coin. The math puts the company about 4.4% above cost basis and roughly $2.8 billion in the black. The turnaround was swift. In July, with BTC sagging toward $58,000, the position sat about $13 billion underwater, Decrypt reported.
Cointelegraph placed the average cost basis a touch lower, at around $75,385 per BTC. The recent recovery, the outlet said, pushed the overall position back into positive territory “for the first time in months.” Cointelegraph also framed the rally as having propelled bitcoin past the $80,000 threshold. That sits slightly above Decrypt’s ~$79,000 reference. The actual figure lands somewhere in the $78,400-to-$80,000-plus band, depending on timing.
The pause was hardly quiet. Over the two-month hiatus, management pivoted toward balance-sheet repair, Cointelegraph reported: stabilizing preferred stock offerings, building a $5.1 billion US dollar reserve, and dedicating a $1.59 billion cash pool raised through common stock sales. Decrypt separately reported that Strategy raised $334 million by selling MSTR stock without touching its bitcoin. The company also sold small amounts of BTC in recent months to fund preferred dividends and buybacks. That is a departure from its buy-and-hold gospel.
Saylor’s post works on multiple levels, Cointelegraph wrote. Operationally, it likely signals readiness to deploy that dry powder back into BTC. Psychologically, it marks a return to profitability and a shift back to an offensive posture.
None of that confirms a purchase is imminent. Decrypt noted explicitly that Saylor did not indicate whether a buy was on the way. The post and the chart are a signal. The market is reading them as one.
Bitcoin’s broader climb from roughly $62,000 to the high $70,000s this month was fueled by heavy spot BTC ETF inflows and a softer dollar, Decrypt reported. The rally hit turbulence Friday. BTC slid as low as $76,877 after Fed Chair Kevin Warsh warned that inflation isn’t cooling fast enough. Those remarks pushed September rate-hike odds sharply higher. Bitcoin remains well below its October record near $126,000. Holders, as ever, are divided.
