MicroStrategy shares are up more than 3% in pre-market trading after registering a 7.8% gain on Monday. The surge comes from the recent rally that saw the leading cryptocurrency break above $30,000 for the first time since June last year.

MicroStrategy Resumes Bitcoin Buying Spree

Microstrategy, whose primary business revolves around making enterprise analytics and mobility software, has been involved in a Bitcoin play since 2020. Despite the recent market volatility, the company has resumed its Bitcoin buying spree, racking up more coins as part of its bold bet on the cryptocurrency.

As reported, Michael Saylor’s business intelligence firm bought an extra 1,045 BTC between March 24 to April 4 at an average price of $28,016 per coin. According to a filing with the Securities and Exchange Commission (SEC), the company paid $29.3 million for the purchase.

MicroStrategy and its subsidiaries now hold 140,000 BTC with the latest purchase. The aggregate purchasing price per BTC for the total stash is $29,803. To put this into perspective, the company owns 0.6% of Bitcoin’s 21 million supply, or one out of every 150 Bitcoin.

MicroStrategy co-founder and former CEO Michael Saylor has also been one of the loudest proponents of Bitcoin, consistently stating his convictions that Bitcoin is the most secure and reliable store of value in the market. The company’s current Bitcoin strategy is like dollar cost averaging (DCA).

MicroStrategy’s Bitcoin Investment in Profit as BTC Passes $30K

On Monday, Bitcoin rallied above the $30,000 level for the first time since June 10, 2022. The surge came as investors have become more optimistic about US central bank monetary policy and expectations of more accessible monetary policies gather momentum.

At the time of writing, the flagship cryptocurrency is trading at around $30,100, up by more than 6% over the past day. The coin is up by another 8.1% over the past week and 46.5% over the past month, data by CoinGecko shows. However, it is still down by 56% compared to its all-time high of $69,000 registered in November 2021.

Nevertheless, MicroStrategy’s Bitcoin investment has turned profitable with Bitcoin’s recent surge above $30,000. The company’s BTC stash is worth more than $4.21 billion, compared to its aggregate investment of roughly $4.17 billion.

The strong performance of Bitcoin has also positively impacted MicroStrategy shares, which closed the last trading day up 7.8%. The company’s shares are also up 3.30% in pre-market trading. Furthermore, the business intelligence firm is one of the best-performing companies this year, up 120% YTD.

Notably, MicroStrategy had a rough time last year as the crypto meltdown continued to wear away the value of its Bitcoin holdings, so much so that the company took a non-cash digital impairment charge of $170.1 million in the first quarter of the year and another $917.8 million digital asset impairment charge in Q2 2022.

This article originally appeared on The Tokenist

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