Strategy’s Bitcoin Holdings Turn Profitable After Rally

The swing from a deep paper loss to unrealized gains shows how sensitive Strategy's balance sheet remains to Bitcoin's spot price, even without any change in its treasury position. That matters for a company whose equity has effectively become a leveraged proxy for the asset, and for holders who read its disclosures as a sentiment gauge. Whether the price holds above the average acquisition cost — and how volatile that cushion proves — is the open question.