Strategy bitcoin gains rebound $192M as BitMine’s ETH loss tops $5.8B
Bitcoin’s push back above the $75,000 mark has flipped the fortunes of one of the market’s most closely watched corporate holders. Strategy, the business intelligence firm turned Bitcoin treasury company, has climbed back above its average purchase price and is now sitting on real Strategy bitcoin gains after months of holding a stack that had briefly slipped underwater. The rebound stands in sharp contrast to what’s happening across the aisle at BitMine, whose massive Ethereum position remains deep in the red even as crypto markets broadly rally.
Key takeaways
- Strategy holds 840,447 BTC at an average cost of $75,385 per coin.
- Bitcoin’s price of $75,613 has allowed Strategy to recover beyond its initial investment level, accumulating approximately $192 million in paper profits.
- BitMine’s holdings comprise 5,815,164 ETH, acquired at an average price point of $3,366 per unit.
- Ethereum trading at $2,370 leaves BitMine with an unrealized loss of about $5.792 billion.
- Crypto-linked equities, including Strategy and Coinbase, rallied sharply as Bitcoin’s price climbed this week.
Strategy’s Bitcoin Holdings Exceed Cost Basis
Strategy has crossed back into profitable territory on its enormous Bitcoin bet, a milestone that matters for a company whose stock price has become closely tethered to crypto’s swings. The recovery of its bitcoin cost basis means the firm’s balance sheet position on paper has flipped from a loss to a gain, at least for now.
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