The firm and its subsidiaries bought nearly 14,620 bitcoins at an average price of around $42,110 between November 30 and December 26, according to a regulatory filing

Software company MicroStrategy said on Wednesday it had purchased bitcoin worth nearly $615.7 million in cash, amid growing expectations that the top U.S. markets regulator will soon approve a spot bitcoin exchange traded fund (ETF).

The firm and its subsidiaries bought nearly 14,620 bitcoins at an average price of around $42,110 between November 30 and December 26, according to a regulatory filing.

Shares of the US-based firm climbed 8% in afternoon trading. MicroStrategy has soared more than 350% this year, while bitcoin has advanced almost 160%.

MicroStrategy’s move to purchase bitcoin to protect the value of its reserve assets has helped strengthen the appeal of the firm’s stock, which tends to move in tandem with the digital asset.

This is not a short-term trading strategy but rather reflects a belief that bitcoin will ultimately prove a superior store of value, said analysts at TD Cowen.

The firm remains an attractive vehicle for investors looking to gain bitcoin exposure, the analysts said.

In recent months, a spate of filings, including from traditional finance heavyweights such as BlackRock have revived the crypto markets which had been crushed after a number of high-profile companies like Sam Bankman-Fried’s FTX failed.

A spot crypto exchange traded fund would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency.

MicroStrategy, which began purchasing the crypto currency in 2020, said it together with subsidiaries now holds nearly 189,150 bitcoins bought for around $5.9 billion.

The firm has said its bitcoin investments are intended as long-term holdings and that it expects to continue to accumulate the world’s largest and best-known crypto currency.