Bitcoin-Buying Strategy Climbs 8%, Cutting $7.7 Billion Paper Gap as Calculations Return

TYSONS, Virginia, August 20, 2026, 18:55 EDT Strategy gained 8%, drawing focus back to Bitcoin-buying calculations after the paper discount shrank by $7.7 billion.

• The strategy gained 7.81%, surpassing Bitcoin’s one-day rise of 4.97%.
• The latest common stock sale generated net proceeds amounting to $96.48 per share.
• Bitcoin’s rebound narrowed the treasury’s illustrative cost difference by about $7.74 billion.

Strategy Inc. NASDAQ:MSTR advanced 7.81% to $112.39 on Thursday, leaving shares up 16.5% from the implied net price following last week’s common stock offerings. The increase improves the financial rationale for raising new equity to fund more Bitcoin acquisitions.

The timing of the financing draws attention as Strategy paused Bitcoin acquisitions last week. Instead, it allocated the $333.7 million gained from equity sales to strengthen cash holdings, repurchase preferred shares, and distribute dividends. The decision highlights an emphasis on liquidity while Bitcoin traded below Strategy’s average purchase price.

At 18:50 EDT, Bitcoin was trading at $72,707.63. With this price, Strategy’s 840,447 coins were valued near $61.11 billion. This was $2.25 billion below their reported cumulative acquisition cost of $63.36 billion.