840,447 BTC at an average of $75,385 spent most of the summer deeply underwater — the paper loss hit ~$13B in July. A five-day run past $78,000 flipped it: unrealized gain now sits at $2.53 billion, a $15.5B swing in six weeks.
The context matters. While Saylor publicly vowed never to sell, Strategy has offloaded 6,948 BTC for ~$432.5M since May — during the stretch when the price sat below the company's own cost basis. It did not buy the dip.
The rally traces back to Treasury Secretary Scott Bessent, whose yield curve control moves appear to have redirected capital into Bitcoin ETFs — $1.92B in weekly inflows.
MSTR closed at $119.25, still 67% below its $365.21 peak. This Bitcoin rally is happening without Saylor on the buy side, Decrypt notes.