Strategy, a prominent US-based business intelligence and software firm known for its extensive cryptocurrency holdings, briefly saw its large Bitcoin treasury turn profitable on August 21. This occurred as Bitcoin’s price surged above the firm’s average acquisition cost of $75,385 per coin.
BTC rally pushes holdings into profit
The company holds a total of 840,447 Bitcoin, acquired at a combined cost of approximately $63.36 billion when factoring in all related fees and expenses. Bitcoin’s price jumped 8.5% over a single day, ranging from $69,498 to $75,528 during this period according to crypto.news market data.
At the day’s high near $75,613, each Bitcoin was trading roughly $228 above Strategy’s average purchase price. At this price point, the firm’s Bitcoin position stood at an estimated $191.6 million in unrealized profit, though a subsequent dip to about $75,500 reduced the gain to $97.5 million.
Bitcoin’s sharp movement pushed Strategy’s holdings briefly into the black as the market price surpassed the company’s average entry, though the gains quickly narrowed as prices fluctuated.
A $1,000 swing in Bitcoin’s price translates into a value change of about $840.4 million for the company, demonstrating how even minor price moves rapidly impact large-scale corporate treasuries.
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AAPL| Metric | Value |
|---|---|
| BTC held by Strategy | 840,447 |
| Avg. purchase price | $75,385 |
| Cost basis | $63.36 billion |
| Peak paper gain (Aug 21) | $191.6 million |
| BTC price range (24h) | $69,498 – $75,528 |
Unrealized gains represent profits that exist on paper but are not realized until the asset is sold or leveraged in a financing transaction. According to current accounting standards, companies must mark digital assets to market, meaning their valuations shift directly with price movement and are reflected in earnings reports.
Earlier in August, Strategy sold 1,690 Bitcoin for $108.6 million, using the proceeds to repurchase around 1.15 million STRC preferred shares. No further Bitcoin trades occurred the following week, but the company did raise $333.7 million through a new common share offering, based on the latest regulatory disclosure.
Shares in Strategy rose 7.8% on Thursday, closing near $112.39. CEO Phong Le has indicated that the company may resume Bitcoin purchases in 2026 but has not specified a date.
BitMine’s Ethereum losses widen
BitMine Immersion Technologies, another major crypto treasury manager, reported holding 5,815,164 Ethereum tokens as of August 16. The firm added 9,926 ETH in the previous week, bringing the staked portion to 5,067,309 tokens—representing roughly 87% of BitMine’s entire Ethereum treasury.
Estimates place BitMine’s average acquisition cost at $3,366 per token, while Ethereum traded at approximately $2,371 yesterday. This positions the company at a significant unrealized loss of about $5.79 billion.
For BitMine to break even, the Ethereum price would need to rebound by roughly 42% from current levels.
BitMine’s management has forecast $250 million in annualized staking revenue, a projection that would vary with future yield rates and token prices.
Mini dictionary: BitMine Immersion Technologies is a US technology company focused on large-scale digital asset investment and blockchain-based infrastructure, including holding and staking Ethereum as part of its treasury management strategy.
| Company | Token | Total Holdings | Avg. Purchase Price | Current Price | Unrealized P&L |
|---|---|---|---|---|---|
| Strategy | Bitcoin | 840,447 | $75,385 | $75,500 | $97.5 million profit |
| BitMine | Ethereum | 5,815,164 | $3,366 | $2,371 | $5.79 billion loss |
Strategy is expected to file its next weekly report soon, which will show whether the company has maintained, increased, or reduced its Bitcoin position. Going forward, the company’s treasury gains or losses will depend on Bitcoin’s ability to remain above the critical $75,385 threshold.
