Strategy, the company once called MicroStrategy (MSTR), rose 6.9% to $111.14 on Thursday afternoon. That is its best price since June 18, which wipes out a two-month slide.

The stock market has forgiven the company. The balance sheet has not. MicroStrategy’s Bitcoin is still worth billions less than it paid.

How MicroStrategy Clawed Back Two Months

MSTR traded at $111.45 as of 3.05 p.m. ET, up 6.91% from Wednesday’s $104.25 close. The shares had bottomed at $81.81 in late June.

That is a 35.9% climb off the floor. July never…