Michael Saylor has never wavered. While markets gyrated and critics lined up to call his Bitcoin bet reckless, the executive chairman of Strategy kept buying – and now, with the company sitting on an unrealised gain of roughly 8.05 billion dollars, the long game is starting to look very good indeed.

Strategy added another 950 Bitcoin to its corporate treasury this week, spending approximately 75.7 million dollars at an average price of 79,670 dollars per coin, according to a Form 8-K filing submitted to the US Securities and Exchange Commission. The purchase ended a pause of roughly two weeks and pushed the company’s total holdings to 846,000 BTC – a number that would have sounded delusional to most boardrooms just a few years ago.

Since Saylor first made Bitcoin the company’s primary treasury reserve, Strategy has deployed around 63.8 billion dollars into the asset at an average acquisition cost of 75,416 dollars per coin. With Bitcoin trading near 84,925 dollars at the time of the filing, the gap between what he paid and what it is worth today tells its own story.

The company has also been tidying up its balance sheet on the equity side, repurchasing around 1.77 million shares of its STRC perpetual preferred stock for roughly 174 million dollars during the same period. Some 875.1 million dollars remain under the preferred-stock repurchase programme, with a further 1 billion dollars available under its MSTR share buyback facility.

The activity has drawn down cash reserves – the company’s USD cash balance fell nearly 20 per cent to 1.05 billion dollars from 1.30 billion the week prior. But for Saylor, that has always been the point. Cash is what you spend on the way to Bitcoin.