Bitcoin's recent two-week recovery, which briefly pushed its price above $80,000, has brought Michael Saylor's Strategy Bitcoin treasury back into profit and lifted its common stock at a faster pace than the underlying cryptocurrency.
The price rebound was accelerated by several factors, including the US Treasury's move to expand buybacks of longer-dated government debt, easing pressure on yields, a weakening dollar, heavy short liquidations, and stronger demand for spot Bitcoin exchange-traded funds. Bitcoin briefly topped $81,000 on Tuesday, marking its highest level in over three months, before retracing to $78,772.
The recovery arrives at a critical juncture for Strategy, which spent the summer rebuilding liquidity and supporting its preferred securities after falling Bitcoin prices raised questions regarding its financing model. Although the company has not resumed Bitcoin purchases, the value of its holdings has generated more than $3 billion in unrealized gains on its balance sheet. Strategy holds 840,447 Bitcoin acquired for $63.36 billion at an average price of $75,385.
Strategy has not purchased Bitcoin since June and has sold a total of 6,948 Bitcoin for roughly $432.5 million since initiating its monetization program in May 2026. Instead, the firm has relied on its common stock for capital. Between August 17 and August 23, the company sold 18.26 million MSTR shares through its at-the-market program to raise $2.01 billion in net proceeds. Since adopting its Bitcoin strategy, Strategy has sold approximately 139.45 million common shares, raising roughly $42.12 billion.
MSTR closed at $92.52 on August 18 and climbed to $126.79 on Tuesday, marking a gain of about 37%. Over the same period, Bitcoin gained roughly 22%. The strong equity performance allowed Strategy to direct $136.4 million toward repurchasing 1.43 million STRC shares and add $300 million to its USD Reserve, bringing that pool to $5.10 billion. An additional $1.59 billion was placed into a new USD Cash pool, providing a combined dollar liquidity buffer of roughly $6.69 billion.
The liquidity buffer has supported the recovery of STRC, Strategy's flagship variable-rate preferred stock. STRC previously fell as low as $71.25 during market stress in June but has since recovered to around $97.22, moving within roughly 3% of its $100 stated amount. Strategy has spent approximately $483.4 million under its $1 billion Digital Credit Securities Repurchase Program to help drive that recovery.
With net leverage near zero and enhanced cash reserves, Strategy has focused on reinforcing its financing structure rather than immediately resuming Bitcoin purchases. A sustained rally that keeps MSTR strong and returns STRC to par could reopen a key funding channel for future Bitcoin acquisitions.
