Strategy swung from an unrealized Bitcoin loss of about $9.5 billion to a paper gain near $4.7 billion after Bitcoin rebounded above the firm’s roughly $75,385 average cost, with holdings cited at 840,447 BTC. A mid-August Regime Intelligence report argues the accumulation model depends less on price resilience than on continued ability to raise capital, noting roughly $22 billion of senior claims from convertible notes and perpetual preferred stock, about $1.76 billion in annual funding obligations and only $9.85 million of first-half 2026 operating cash flow against a second-quarter software operating loss. Equity issuance of about $2.01 billion helped lift dollar reserves to $5.1 billion and total dollar-denominated assets to about $6.69 billion, while four small Bitcoin sales over 60 days covered STRC dividends and no coins moved in the week through August 23.