Strategy Inc. (NASDAQ:MSTR), the world’s largest corporate Bitcoin holder, has flipped its Bitcoin treasury from a deep paper loss to a paper gain of approximately $1.84 billion as Bitcoin has rebounded above $79,000. The company holds 840,447 BTC acquired at an average price of $75,385 per coin, for a total cost basis near $63.36 billion. With Bitcoin trading above $79,000, the holdings are valued at about $65.2 billion, producing a paper gain of about $1.84 billion. No Bitcoin purchases or sales occurred during the week of Aug. 10 through Aug. 16. The $333.7 million raised by selling 3.46 million MSTR shares was allocated as follows: $52.4 million for STRC dividend payments, $132.2 million for STRC repurchases through its digital credit securities redemption program, and the remainder to the dollar reserve. Strategy's latest SEC filing showed $4.80 billion in dollar reserves. Under FASB rules, qualifying crypto assets are carried at fair value, with changes reported through earnings. Strategy shares and its preferred stock STRC extended gains as Bitcoin rebounded above $79,000. The Block reported on Aug. 21 that Strategy climbed 7.5% in early trading to rise above $120, its highest level in two months. Bitcoin also rose as high as $79,400. STRC also topped $96 for the first time since June. The floating-rate perpetual preferred stock was issued by Strategy to help fund Bitcoin purchases. It had previously fallen below $70 as concerns mounted over the company’s ability to sustain dividends at an annualized rate of 11.5%. The rebound followed Strategy’s latest treasury disclosure. Strategy is back above water on Bitcoin, but that does not mean the company is repaired. The $1.84 billion is a paper gain, while financing costs remain and many MSTR shareholders are still nursing losses. The rally has rebuilt Strategy’s cushion, but it has not yet restarted the flywheel. Traders on Kalshi still assign a 38% probability that Bitcoin falls below $55,000 before the end of the year. Saylor recently urged investors to hold Bitcoin for more than four years, ideally 10. A $1.84 billion swing in the value of the position shows why.