Strategy’s common stock surged 37% while its flagship preferred security recovered 35%, even as management sold $2 billion of new MSTR shares.
itcoin's sharp two-week recovery, which briefly pushed its value above $80,000, has brought Michael Saylor's Strategy BTC treasury back into profit and lifted its common stock faster than the cryptocurrency.
BTC's price rebound accelerated after the US Treasury moved to expand buybacks of longer-dated government debt, easing pressure on yields and weakening the dollar.
Renewed optimism around US crypto policy, heavy short liquidations, and stronger demand for spot Bitcoin exchange-traded funds added further momentum to the upward move.
As a result, Bitcoin briefly topped $81,000 on Tuesday, its highest level in more than three months, after spending much of the first half of August near the low-$60,000 range. It has slightly retraced to $78,772 as of press time.
Still, the price recovery has reached a critical point for Strategy, which spent the summer rebuilding liquidity and supporting its preferred securities after falling Bitcoin prices raised questions about its financing model.
MSTR closed at $92.52 on Aug. 18 before climbing to $126.79 on Tuesday, a gain of about 37%. Bitcoin gained roughly 22% over the same period, rising from about $64,700 to around the $79,000 to $80,000 range.
Strategy holds 840,447 Bitcoin acquired for $63.36 billion at an average price of $75,385. At Bitcoin prices around $80,000, the position is worth roughly $67 billion, leaving the company with more than $3 billion in unrealized appreciation over its aggregate purchase cost.
However, these gains have come without fresh Bitcoin accumulation. Strategy has not purchased Bitcoin since June and has sold a total of 6,948 Bitcoin for roughly $432.5 million since beginning its new monetization program in May 2026
Between Aug. 17 and Aug. 23 alone, the company sold 18.26 million MSTR shares through its at-the-market program and raised $2.01 billion in net proceeds. Since adopting its Bitcoin strategy, Strategy has sold about 139.45 million common shares and raised approximately $42.12 billion.
The company said in July that it would buy STRC more aggressively when the shares traded at deeper discounts and taper those purchases as the price approached $100. Its longer-term goal is for STRC to trade consistently near par with greater liquidity and lower volatility.
The combination of Bitcoin’s rebound, stronger MSTR shares, direct STRC repurchases and a $6.69 billion liquidity buffer has therefore eased several of the pressures that weighed on Strategy earlier in the summer.
Rather than immediately using the improved market backdrop to resume Bitcoin purchases, the company has concentrated on reinforcing the financing structure that could support future accumulation.
That leaves the next stage tied partly to whether the recovery holds. A sustained Bitcoin rally that keeps MSTR strong and carries STRC back toward par could restore one of Strategy’s most important funding channels for future Bitcoin purchases.
However, a renewed downturn would instead test whether the cash reserves and preferred-share support built during the summer are sufficient to keep that structure intact.