MicroStrategy, a software firm, announced on Wednesday its purchase of bitcoin totaling approximately $615.7 million in cash. This move comes amidst growing expectations for the imminent approval of a spot bitcoin exchange-traded fund (ETF) by the top US markets regulator.

Between November 30 and December 26, MicroStrategy and its subsidiaries acquired around 14,620 bitcoins at an average price of roughly $42,110. As a result, the Virginia-based company experienced an 8 percent surge in its shares during afternoon trading. In the current year, MicroStrategy has seen a remarkable 350 percent surge, while bitcoin itself has gained nearly 160 percent.

The decision to invest in bitcoin as a safeguard for its reserve assets has bolstered MicroStrategy’s stock appeal, aligning with the digital asset’s performance. TD Cowen analysts emphasized that this move reflects a long-term belief in bitcoin’s superiority as a store of value, positioning the company as an attractive option for investors seeking exposure to bitcoin.

Recent filings, including those from traditional finance giants like BlackRock, have contributed to the revival of crypto markets that previously suffered setbacks, such as the collapse of FTX. The prospect of a spot crypto ETF, tracking the market price without requiring investors to purchase the currency, has added momentum to this resurgence.

Since initiating bitcoin purchases in 2020, MicroStrategy, along with its subsidiaries, now holds approximately 189,150 bitcoins, acquired for about $5.9 billion. The company reiterates its commitment to holding bitcoin as a long-term investment, citing the cryptocurrency’s limited supply and its potential as a hedge against inflation in the latest quarterly report.