- Bitcoin traded near $72,000 on CoinGecko, up 11.5% over 24 hours after a low of about $64,428.
- Strategy (MSTR) closed Wednesday at $104.25, then printed $115.06 in Thursday premarket, up 10.37%.
- The company still holds 840,447 BTC at a $75,385 average cost and bought none of this move.
Strategy Inc. stock is trading Thursday’s bitcoin rally as a proxy. The company itself has not added a coin since June.
Google Finance had MSTR about 10% higher in premarket at 7:14 a.m. Eastern, after Wednesday’s close was already up 12.68%. 24-hour bitcoin volume was about $64.5 billion, with a high of $72,344. The Bitcoin rebound also came as US spot Bitcoin ETFs recorded strong net inflows. ETF flows have become an important gauge of demand for Bitcoin in US markets.
The stack did not buy this tape
Strategy is the largest corporate bitcoin holder. Its August 17 8-K left the stack unchanged as of August 16. The company’s purchases ledger shows the same total.
No bitcoin purchases or sales were made this week.
The filing put the aggregate purchase price at $63.36 billion, including fees. At about $71,865, that pile is worth roughly $60.4 billion, still about $3.0 billion below cost. Spot has to get back to $75,385 before the coins themselves are even. Strategy added about $150 million to its USD Reserve as Bitcoin buying stayed on hold, according to its August 17, 2026 filing.
The same 8-K said Strategy sold 3,458,866 MSTR shares from August 10 to 16 for $333.7 million of net proceeds. None of that cash bought bitcoin. $52.4 million funded STRC dividends, $132.2 million bought back 1,388,720 STRC shares, and $149.1 million lifted the USD Reserve to $4.80 billion.
The week before that, the August 10 8-K showed a sale of 1,690 BTC at an average $64,262, with proceeds used to repurchase STRC. Those coins were sold about $11,100 below the firm’s average cost, then the tape ran without them.
MSTR often trades as a high-beta bitcoin proxy. Google Finance lists the stock’s beta at 3.55. The equity can print a 10% premarket gain while the treasury is still underwater versus what Strategy paid.
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