Strategy back in the green with $192 million profit

Strategy has returned to positive territory. The company holds 840,447 Bitcoin at an average purchase price of $75.385, and with Bitcoin now trading around $76.000, the unrealised gain stands at approximately $192 million. That is a striking reversal from the weeks in which the company sat below its own cost basis. Bitcoin has risen more than 9.5% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

In brief:

• Strategy holds 840,447 Bitcoin with an average purchase price of $75.385
• With Bitcoin above $76.000, the unrealised gain stands at approximately $192 million
• BitMine has an unrealised loss of approximately $5.8 billion on its Ethereum position

Strategy climbs back above its average purchase price

When Bitcoin traded between $74.000 and $75.000 earlier this year, Strategy was just below its cost basis. Now that the price has climbed back above that threshold, the picture has turned. The unrealised gain of $192 million sounds substantial, but it is relatively modest given the company’s total position, worth more than $64 billion.

The recent rise in Bitcoin’s price plays a decisive role in this. Bitcoin has risen sharply in recent days, partly driven by a major short squeeze on Binance. Over the past seven days, the price has risen by nearly 20%, significantly improving Strategy’s position.

BitMine carries billions in losses on Ethereum

The picture at BitMine is less rosy. The company holds 5,815,164 Ethereum at an average purchase price of $3.366 per coin. With Ethereum currently trading around $2.370, the unrealised loss amounts to more than $5.8 billion.

While Strategy benefits from the Bitcoin rally, the weakness in the Ethereum market is clearly felt at BitMine. Ethereum remains far below the company’s purchase price, and a recovery to the cost basis would require a price increase of more than 40% from the current level.