Strategy Inc., the crypto treasury firm co-founded by Bitcoin bull Michael Saylor, saw its Bitcoin holdings hit a record high above $77 billion as the flagship cryptocurrency returned to the $120,000 level after several weeks of volatile price action.

As of Oct. 3, Strategy’s Bitcoin stash, which comprises 640,031 BTC, was valued at approximately $77.4 billion, with Saylor celebrating the development with an X post that recalled the company’s first $250 million investment and the initial unrealized loss that followed.

“Our journey began with $0.25 billion in Bitcoin — and an immediate $0.04 billion unrealized loss. Today, we closed at a new all-time high: $77.4 billion in BTC NAV,” Saylor Said.

Much of this value skyrocketed after Bitcoin price shot past the $120,000 mark, backed by consistent purchases by Strategy even during periods of broader market uncertainty. 

The firm’s continued buying spree has helped it maintain its position as the largest corporate holder of Bitcoin in terms of both value and the number of Bitcoin held. Over the past seven weeks, Strategy has acquired 11,085 BTC, with the most recent purchase of 196 BTC recorded on Monday.

Strategy’s mNAV recovers

Strategy’s valuation has roughly doubled compared to last year’s all-time high of around $41.8 billion, and has helped the firm’s market-based net asset value, or mNAV, rebound sharply. The metric had dropped to a year-to-date low of just 1.195 during the September correction, but has now climbed back above 1.5. However, this is still below the 2.5 threshold that has previously guided the company’s capital raise decisions.

Investors had grown cautious when the mNAV multiple dipped below levels that Michael Saylor once described as a floor for raising capital, so this recovery not only strengthens Strategy’s ability to issue new equity at a premium but also gives the company more headroom for future Bitcoin purchases without prompting any concerns over risks of shareholder dilution.

Likewise, Strategy shareholders welcomed the turnaround, with the MSTR shares rebounding sharply after weeks of pressure tied to falling Bitcoin prices and weakening sentiment around digital asset equities. On Oct. 2, MSTR closed at $352.33, after rallying more than 4% on the day to recapture levels not seen since early September, according to Google Finance data.

While the stock is still trading below its July high near $457, the latest uptrend could be the start of an even bigger move that helps it reach fresh yearly or even all-time highs.

As of this writing, data from BitcoinTreasuries.NET suggests that Strategy accounts for roughly 48% of the 1.32 million BTC held by public and private companies globally.