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Bitcoin's 20% surge flips Strategy's treasury from a $13 billion loss to a $1.4 billion gain

8/23/2026

A $BTC move of more than 20% across recent trading sessions has upended the unrealized-loss narrative weighing on digital-asset corporate treasuries.

Bitcoin climbed from a multi-month low of around $63,000 to above $77,000, and Strategy Inc (NASDAQ: MSTR) crossed from a reported $13 billion unrealized loss to a $1.4 billion gain on its 840,447-coin position.

The company, formerly known as MicroStrategy, began accumulating Bitcoin in 2020 at around $11,000, with its highest recorded purchase price reaching roughly $123,000 in 2025.

At current prices, the 840,447-coin treasury carries a valuation of roughly $65 billion, or about 4% of Bitcoin's outstanding supply.