Six months ago, when BTC crashed, the Bitcoin holdings of Strategy (the former MicroStrategy) once faced enormous unrealized losses.
Now that BTC has climbed back above $86,000, this “Bitcoin whale’s” position has been completely turned around.
Currently, Strategy holds about 846,000 BTC, with a total cost of approximately $63.8 billion and an average cost of about $75,416. Based on $86,000, its unrealized gains have already reached the billions.
More importantly: it didn’t panic-sell during the downturn—it kept buying instead.
Regulatory filings disclosed on September 20 show that Strategy again increased its holdings by 950 BTC at an average price of roughly $79,670.
That means even after BTC has reclaimed the $80,000 level, the company is still steadily accumulating more shares.
This is also Strategy’s most core playbook:
Financing + cash flow → continuous buying of BTC → BTC’s rise boosts the value of its holdings.
Of course, this model also comes with high volatility and financing risk. When BTC rises, the carrying assets can inflate rapidly; when BTC falls, pressure on the balance sheet can expand just as quickly.
But at least judging by the results so far, the huge unrealized pressure the market worried about during the last BTC crash has clearly eased.
From massive unrealized losses to tens of billions in unrealized gains—and then to continued buy-ups—this “turnaround in the headwind” for Strategy isn’t over yet.
Next, what the market will truly focus on is: how much more BTC it will keep buying, and how high BTC can still rise.
Now that BTC has climbed back above $86,000, this “Bitcoin whale’s” position has been completely turned around.
Currently, Strategy holds about 846,000 BTC, with a total cost of approximately $63.8 billion and an average cost of about $75,416. Based on $86,000, its unrealized gains have already reached the billions.
More importantly: it didn’t panic-sell during the downturn—it kept buying instead.
Regulatory filings disclosed on September 20 show that Strategy again increased its holdings by 950 BTC at an average price of roughly $79,670.
That means even after BTC has reclaimed the $80,000 level, the company is still steadily accumulating more shares.
This is also Strategy’s most core playbook:
Financing + cash flow → continuous buying of BTC → BTC’s rise boosts the value of its holdings.
Of course, this model also comes with high volatility and financing risk. When BTC rises, the carrying assets can inflate rapidly; when BTC falls, pressure on the balance sheet can expand just as quickly.
But at least judging by the results so far, the huge unrealized pressure the market worried about during the last BTC crash has clearly eased.
From massive unrealized losses to tens of billions in unrealized gains—and then to continued buy-ups—this “turnaround in the headwind” for Strategy isn’t over yet.
Next, what the market will truly focus on is: how much more BTC it will keep buying, and how high BTC can still rise.