Strategy’s bitcoin treasury has moved back into profit, according to data reported by Wu Blockchain. The company now holds 840,447 BTC at an average cost basis of $75,385 per coin. With bitcoin trading above that level, the position is showing roughly $192 million in unrealized gains, marking a notable shift from the unrealized losses Strategy and other corporate holders faced during earlier drawdowns.
How Strategy reclaimed its cost basis
Strategy’s recovery rests on the size and consistency of its accumulation program. Because the company reports its average entry price across the full stack, a relatively modest price recovery can flip the position from red to green. That dynamic was absent earlier this cycle, as discussed in the related breakdown of Strategy and Metaplanet Unrealized Bitcoin Losses Highlight Risk of Single-Token Concentration, where single-token concentration amplified drawdown risk.
The $192 million unrealized gain does not include the capital raised through equity programs or the costs tied to that financing. Strategy has repeatedly used share sales to enlarge its bitcoin holdings, a pattern covered in Strategy Sells 1,690 Bitcoin, Raises $653 Million from MSTR Shares. Those programs increase exposure but also introduce execution and dilution questions that separate accounting gains from long-term shareholder value.
What to watch in the next reporting window
Corporate bitcoin disclosure remains a contested topic. Strategy has already faced index-level debates over how bitcoin treasury companies are classified, as seen in Highlight Clip: Strategy Responds to MSCI’s Proposal to Exclude Bitcoin Treasury Companies. If the company’s next filings show the gain narrowing or widening, the debate may shift from classification to the volatility of reported earnings.
The key variable is whether bitcoin remains above the $75,385 average cost level. A move back below that threshold would quickly turn the $192 million gain into a loss, reinforcing the point that corporate bitcoin treasuries are highly sensitive to spot price. For now, the recovery provides a cleaner headline, but it does not change the structural concentration risk embedded in Strategy’s balance sheet.
