Strategy's 847,666 Bitcoin Could Be Worth $161B on a BTC/Gold Reversal

• —Bitcoin now buys about 20.4 ounces of gold, down roughly 49% from the 40.1-ounce peak in December 2024
• —The scenario requires gold to rise 15% to $4,760 and the BTC/gold ratio to return to its prior high
• —That implies a bitcoin price of $190,858, about 51% above the record $126,000 set on Oct. 6, 2025
• —Strategy bought its 847,666 BTC for $63.95 billion at an average of $75,437, implying a $98 billion paper gain