Bitcoin surged to $77,000 on Friday, its highest level since May 26, as Strategy, the world’s largest corporate Bitcoin treasury, reported its first profit since acquiring the asset. The price exceeded the company’s cost basis of $75,385, with analysts highlighting a potential support zone forming below $68,000. Strategy sold 1,690 BTC between August 3 and August 9, generating $108.6 million to repurchase shares in its own stock.
The move follows a year-to-date gain of $450 million for Strategy’s Bitcoin holdings, according to BitcoinTreasuries, a monitoring resource tracking the company’s positions. Independent analyst William Clemente noted the sales could alleviate concerns about Strategy’s Bitcoin investment strategy, citing the company’s “over-collateralized” position after the recent price rally.
Glassnode data revealed that 11% of Bitcoin’s total supply—2.23 million BTC—has a realized price between $58,000 and $67,000, with 2.23 million BTC added to this range in the past 11 weeks. Co-founder Rafael Schultze-Kraft described the cluster as a “key potential support zone” on any price retracement.
Strategy’s CEO, Phong Le, told Fox News the company plans to resume buying Bitcoin before year-end, though uncertainties remain about the long-term viability of its investment thesis. Analysts also caution that the recent price increase may not be sustainable.
Written by Rebecca Shaw
Industry Desk
