MicroStrategy’s Bitcoin treasury returns to profit as BTC tops $77,000

MicroStrategy’s Bitcoin holdings turn profitable again

Bitcoin’s price climbed above $77,000 on August 21, pushing the corporate Bitcoin treasury of business intelligence firm MicroStrategy back into profit. The company’s Bitcoin holdings had been underwater since earlier this year.

MicroStrategy, which holds more Bitcoin than any other publicly traded company, saw its average purchase price for Bitcoin—known as its cost basis—reached at $75,385. With Bitcoin trading above this level, the company’s treasury is now profitable again.

Key details of the price move

• Bitcoin reached its highest price since May 26, hitting $77,400.
• MicroStrategy’s cost basis for its 840,447 Bitcoin is $75,385.
• The company’s year-to-date gain on its Bitcoin holdings is approximately $450 million.
• Bitcoin has risen about 20% in the last 48 hours.

Recent sales and share buybacks

Between August 3 and August 9, MicroStrategy sold 1,690 Bitcoin, using the proceeds to repurchase 1.15 million shares of its preferred stock for $108.6 million. This was the company’s fourth Bitcoin sale of 2026.

Some analysts had expressed concerns about the long-term sustainability of MicroStrategy’s Bitcoin investment strategy after these sales. However, the recent price increase may ease those worries.

What analysts are saying

Independent crypto analyst William Clemente suggested that the price surge should help reduce concerns about MicroStrategy’s financial position. He noted that the company is now “even more over-collateralized by their BTC holdings.”

In an interview earlier in August, MicroStrategy CEO Phong Le stated that the company plans to resume buying Bitcoin before the end of the year.

New support levels for Bitcoin

On-chain data from analytics platform Glassnode shows that 3.44 million Bitcoin—about 17% of the total supply—have an average purchase price between $58,000 and $67,000. Of this, 2.23 million Bitcoin (11% of the total supply) were acquired in the last 11 weeks.

This cluster of Bitcoin purchases could act as a strong support level if the price drops again. Bitcoin also broke above its 200-day simple moving average, a key technical indicator, for the first time since November.

What is confirmed

• Bitcoin’s price reached $77,400 on August 21, the highest since May 26.
• MicroStrategy’s Bitcoin treasury is now profitable again, with a cost basis of $75,385.
• The company sold 1,690 Bitcoin in early August to repurchase shares.
• 3.44 million Bitcoin have an average purchase price between $58,000 and $67,000.

What is still unclear

• Whether Bitcoin’s price will continue to rise or face a correction.
• How much Bitcoin MicroStrategy will buy when it resumes purchases later this year.

Why this matters for Bitcoin holders

MicroStrategy’s Bitcoin holdings are closely watched as a barometer for corporate Bitcoin investment. The company’s return to profitability may reassure investors about the long-term potential of holding Bitcoin as a corporate asset.

The formation of a new support level below $68,000 could also provide stability for Bitcoin’s price in the near term.

Sources

• Cointelegraph