Bitcoin extended gains on Friday, pushing past $77,000 and lifting the corporate treasury of Strategy back into profitability after its holdings breached the $75,385 cost basis.
The world’s largest corporate Bitcoin treasury, managed by Strategy, now holds 840,447 BTC with a year-to-date unrealized gain of approximately $450 million. The company’s cost basis was reached as BTC/USD climbed to intraday highs above $77,400, according to TradingView data.
Strategy’s treasury had previously faced scrutiny over the sustainability of its Bitcoin investment strategy. In early August, the company executed its fourth Bitcoin sale of 2024, offloading 1,690 BTC to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. The move was framed as a liquidity optimization rather than a strategic shift, with CEO Phong Le indicating plans to resume Bitcoin purchases before year-end.
Analysts highlighted a growing support base below $70,000, where 3.44 million BTC now carry an onchain cost basis between $58,000 and $67,000. Of this, 2.23 million BTC—roughly 11% of the total supply—were accumulated over the past 11 weeks, forming what Glassnode described as a dense cost-basis cluster and potential support zone on any retracement.
BTC’s breakout this week also cleared the 200-day simple moving average at $68,967, a technical milestone viewed as critical to ending the recent downtrend. The cryptocurrency’s rapid ascent has reignited debate over its durability, though the renewed profitability of corporate Bitcoin treasuries like Strategy’s may ease concerns over long-term viability.
