The bitcoin reserve of Michael Saylor's company, Strategy, has moved out of a loss due to the cryptocurrency's price increase. Its unrealized profit on the reserve has exceeded $1 billion.
On August 21, the price of $BTC soared above $76,000 for the first time since the end of May. Its price rose by 21% over the week. As of 10:45 Moscow time, bitcoin is trading around $76,700.
Strategy holds 840,447 $BTC, and its average purchase price for the coins is $75,385. Since 2020, it has spent $63.36 billion on these coins. At the current bitcoin price of $76,700, the value of the company's crypto reserve has reached $64.46 billion, exceeding its cost by approximately $1.1 billion.
This sharp turnaround occurred less than a month after Strategy reported a second-quarter loss of $8.2 billion. Nearly this entire loss was formed by unrealized losses from its bitcoin investments, the price of which was around $60,000 at the end of June.
The company had to resort to selling bitcoins and replenishing its US dollar reserves to maintain financial stability. However, in early August, Strategy's CEO Phong Le stated that the company would resume accumulating cryptocurrency by the end of this year.
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