Strategy climbs back into profit as Bitcoin rally nears $77,000

Michael Saylor’s Strategy (NASDAQ: MSTR) is back to soaring with the eagles as Bitcoin’s climb past $77,000 put the firm back in profit on its 840,447 Bitcoin stash. 

The Bitcoin position that took $63.36 billion to build is now worth about $65.5 billion, putting Strategy up more than $2 billion as of this Cryptopolitan report. 

That rally has trickled down to MSTR shareholders, with the stock up more than 11% in pre-market trading, rising from its $112.339 close on Thursday to about $126 early Friday. 

Saylor and Strategy are back on top

Bitcoin’s march past the $77,000 mark has put Strategy back in the black. The firm paid an average of about $75,400 to build its 840,447 BTC portfolio.

CoinMarketCap data showed Bitcoin up nearly 10% in the last 24 hours, and more than 20% since its climb from the $63,000-$65,000 range started. 

This BTC cycle started after two catalysts aligned for the Bitcoin market. First, the US Treasury said it would more than double its long-dated bond buybacks from $2 billion to $4 billion. That decision tipped the scales toward debasement hedges such as Bitcoin after the dollar lost its shine to weakness.

… Continue reading the full article at the original source below.