Strategy (formerly MicroStrategy) expects to book $15.8 billion this quarter when it marks its Bitcoin treasury to market under Accounting Standards Update 2023-08.
Δ price = $111,000 – $82,445 = $28,555
Δ BTC holdings = 553,555 BTC
Unrealized gain ≈ 553,555 × $28,555 ≈ $15.81 billion
So, Strategy’s Q2 unrealized gain would be on the order of up to $15.8 billion.
Given that Bitcoin currently trades around $105k, the final Q2 figure will likely be slightly lower but still well above Saylor’s $8 billion estimate.
Bitcoin’s spot price near $105,000 amplifies the accounting gain. Strategy bought another 705 BTC between May 26 and June 1, lifting its stack to 580,955 coins worth just over $60 billion. Per Barron’s, the eight-week buying streak cost about $75 million and pushed the average acquisition price to $70,023.
Saylor pitched Strife as a Trojan horse for the world’s largest capital pool. The notional value of outstanding over-the-counter derivatives stood at over $600 trillion at the end of 2023. “The bond universe is desperate for real return,” he told investors at a webcast launch, adding that Strife offers “high-performance fixed income with Bitcoin upside.”
If the Bitcoin price holds, the firm’s second-quarter 10-Q could show a profit larger than Oracle’s annual net income, an S&P 500 admission case, and the first steps toward a synthetic Bitcoin bond market big enough to matter even to the $600 trillion notional derivatives complex.
