Q3 digital asset gains reached $21 billion, and Bitcoin holdings went from unrealized losses back into profit—Strategy went from riding out losses to sitting on huge paper gains in a single quarter.
That same week, the company added another 334.3 BTC. Its founder followed up with “More orange than ever,” and, as usual, the market waited for the next day’s disclosure of another purchase.
The bulls are making their case with valuations: one investment bank raised its price target from $136 to $240, implying a Bitcoin price of $113,400 in twelve months.
The bears have a case too: some claim Strategy’s Bitcoin financing channels have closed, though that claim remains unverified.
So the debate comes down to one thing: whether paper gains can be turned into more Bitcoin depends on whether the stock’s premium can hold.
Is this a valuation recovery—or the final leveraged push before the premium contracts?
That same week, the company added another 334.3 BTC. Its founder followed up with “More orange than ever,” and, as usual, the market waited for the next day’s disclosure of another purchase.
The bulls are making their case with valuations: one investment bank raised its price target from $136 to $240, implying a Bitcoin price of $113,400 in twelve months.
The bears have a case too: some claim Strategy’s Bitcoin financing channels have closed, though that claim remains unverified.
So the debate comes down to one thing: whether paper gains can be turned into more Bitcoin depends on whether the stock’s premium can hold.
Is this a valuation recovery—or the final leveraged push before the premium contracts?