Strategy Bitcoin treasury hits breakeven point as BTC price passes $77K
Bitcoin gains 20% in two days as Strategy sees its BTC treasury climb out of the red.
Bitcoin surged by 20% within two days, bringing its treasury out of the red and pushing the price above $77,000. Strategy, the world's largest corporate Bitcoin treasury company, saw its holdings climb in value, with a year-to-date gain of roughly $450 million. The company's cost basis for its 840,447 BTC holdings was $75,385, marking a notable recovery from earlier losses.
In August, Strategy sold a portion of its treasury, repurchasing shares of its STRC preferred stock, which raised concerns about the sustainability of their Bitcoin investment thesis. However, the recent BTC price increase has helped alleviate these worries. CEO Phong Le has indicated that the company plans to buy back Bitcoin before the year's end.
Onchain analytics firm Glassnode identified a potential support zone below $70,000, with 3.44 million BTC having a realized price between $58,000 and $67,000. This cluster of BTC could serve as a safety net in case of a market retracement.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
