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Strategy Bitcoin treasury hits breakeven point as BTC price passes $77K
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- DeepHorus
Bitcoin (BTC) surged past $77,000 on Friday, marking its highest price since May 26 and pushing the corporate treasury of business intelligence firm Strategy back into profit. The milestone comes after BTC gained approximately 20% in just two days, a rapid ascent that has alleviated recent concerns about the company's large-scale Bitcoin investment. Strategy, the world's largest corporate Bitcoin holder, now sees its treasury holdings in a favorable position.
The price leap is particularly significant for Strategy, as it moves Bitcoin's market value above the company's cost basis for its massive holding. According to data from BitcoinTreasuries, Strategy holds 840,447 BTC with an average cost basis of $75,385 per coin. This means the company's position is now generating a year-to-date profit of approximately $450 million. The recent volatility had previously led to worries, especially after Strategy sold 1,690 BTC in August to repurchase its own preferred stock.
Independent crypto analyst William Clemente addressed these concerns, noting that the price surge should put fears to rest. He commented on X that Michael Saylor, the company's former CEO, demonstrated a willingness to manage holdings strategically, and the current price movement has left Strategy 'even more over-collateralized.' Current CEO Phong Le had also stated in an August interview that the company planned to resume Bitcoin purchases before the end of the year.
The market rally has also established new technical support levels. On-chain analysis from Glassnode identified a dense cluster of Bitcoin supply between $58,000 and $67,000, with 3.44 million BTC having a realized price in that range. Of this, 2.23 million BTC, representing about 11% of the total supply, was accumulated over the past 11 weeks. Glassnode co-founder Rafael Schultze-Kraft highlighted this as the densest cost-basis cluster below the current spot price, forming a key potential support zone in case of a price retracement.
Looking ahead, Bitcoin's break above its 200-day simple moving average at $68,967 is a key technical signal that could indicate the end of a long-term downtrend. The combination of Strategy's improved financial standing and the establishment of strong on-chain support provides a more optimistic backdrop. Market participants will be watching to see if the newly reclaimed levels hold and if Strategy follows through on its stated intention to increase its Bitcoin holdings.
