Bitcoin surged to about $77,000 on Friday, briefly trading above $77,400 in its strongest move since May 26 and pushing Strategy’s vast corporate Bitcoin holdings back into profit relative to their reported average purchase price.
BTC/USD gained roughly 20% in 48 hours, according to TradingView data, with little of the sideways trading that often follows a sharp advance. The rally carried Bitcoin above the $75,385 average cost reported for Strategy’s 840,447 BTC treasury, according to BitcoinTreasuries.
That recovery changes the immediate picture for the largest public corporate holder of Bitcoin. Strategy’s position had moved below its aggregate cost basis during the earlier August decline, leaving the company exposed to a paper loss on its purchases. At current levels, its website showed a year-to-date Bitcoin gain of about $450 million.
Strategy returns above its reported cost basis
Strategy’s holdings make its average purchase price a closely watched reference point during volatile periods. With more than 840,000 BTC on its balance sheet, a move of several thousand dollars in Bitcoin’s price can materially alter the company’s unrealized gain or loss.
The company’s recent activity also shows that its Bitcoin treasury is not completely untouched. Between August 3 and August 9, Strategy sold 1,690 BTC while repurchasing 1.15 million shares of its STRC preferred stock for $108.6 million. Strategy described the transaction as its fourth Bitcoin sale of 2026.
The sale was small relative to the company’s total holdings, representing about 0.2% of its Bitcoin reserve. Yet it offered a reminder that Strategy can use Bitcoin as a source of liquidity while continuing to frame the asset as the central component of its corporate treasury approach.
Le, speaking to Fox News earlier in August, said Strategy planned to resume Bitcoin purchases before the end of the year. A return to buying would place the company back among the market’s most visible institutional-scale purchasers after a period in which it used a limited portion of its holdings for capital management.
Bitcoin rising above Strategy’s reported average cost also reduces one near-term pressure point around the company’s equity and preferred-share structure. Strategy has historically financed part of its Bitcoin accumulation through capital markets, meaning sustained weakness below its acquisition price can intensify scrutiny of its financing model. The latest rebound does not remove that exposure, but it gives the company a more favorable mark-to-market position.
Onchain data identifies a dense ownership zone
The price rally has also moved Bitcoin further above a substantial concentration of coins acquired at lower levels. Glassnode said about 3.44 million BTC have an onchain realized price between $58,000 and $67,000.
Realized price refers to the price at which coins last moved on the blockchain. It is commonly used as a rough measure of holders’ cost basis, although it cannot establish the motives or financial position of every owner. Coins may move between wallets under the same owner’s control, and not every transaction represents an open-market purchase.
Within the $58,000 to $67,000 range, Glassnode identified 2.23 million BTC added over the preceding 11 weeks. That amount represents around 11% of Bitcoin’s total eventual supply and formed the densest ownership cluster below the spot price in the firm’s analysis.
Such zones can become closely monitored during a correction. Holders who bought within that range may be less inclined to sell immediately while Bitcoin remains above their entry price, while a decline back into the band could test whether recent buyers treat it as an opportunity to add, a point to exit, or simply a level to hold through.
The data supports viewing the range as a concentrated cost-basis area rather than a guaranteed price floor. Bitcoin has repeatedly moved through heavily held ranges when selling pressure expands, particularly when leveraged positions unwind or broader risk markets weaken. Its practical value is as a map of where a large share of supply last changed hands.
Bitcoin clears the 200-day average
Bitcoin’s move also carried it above its 200-day simple moving average, which TradingView data placed at $68,967. The 200-day average is among the most widely followed long-term technical indicators, smoothing daily price moves into a broader trend measure.
Trading above that line generally indicates that the current market price has recovered above a major long-term benchmark. It does not by itself determine whether the rally will continue, but it places Bitcoin back above a level that had acted as a reference point during the recent weakness.
The speed of the advance leaves Bitcoin with less recent trading history between the high-$60,000 area and Friday’s prices near $77,000. Markets often revisit zones that were crossed quickly, particularly when traders take profits after a rapid move. In this case, the 200-day average and the $58,000-$67,000 realized-price cluster offer separate reference points below the market, though they measure different things: one tracks a rolling average of price, while the other tracks where coins last moved onchain.
Bitcoin’s recovery above Strategy’s cost basis, the 200-day moving average and the largest recent onchain ownership cluster has rebuilt a more constructive short-term market structure. Whether that structure holds will depend less on a single technical level than on whether demand remains strong after a 20% two-day climb.
Considering BTC’s rebound, explore whether now is the time to buy Bitcoin while it’s still above $70,000 and refine your strategy.
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