Strategy stock surged Monday as its aggressive Bitcoin bet suddenly started to look good again.

The shares jumped 13% ahead of the open on the first trading day of March as crypto assets recovered. The stock slumped 24% in February in tandem with the world’s largest cryptocurrency’s slump.

Bitcoin got a boost Sunday from President Donald Trump, who announced plans for a U.S. strategic crypto reserve. Bitcoin wasn’t included in Trump’s initial Truth Social post but he later clarified it “obviously” would be in the reserve. The digital asset is up 8% over the past 24 hours to $92,742, according to CoinDesk data. 

But it seems that Strategy did not buy the dip. The company revealed in a filing Monday that it didn’t purchase any Bitcoin from Feb. 24 to March 2.

Strategy’s shares have now moved 15% or more, in either direction, for eight consecutive months—five months higher and three months lower. If it wasn’t for an unusually subdued 10% fall in June 2024 the streak would stand at 17 months dating back to October 2023.

The volatility has coincided with its bold strategy of buying up more and more Bitcoin. Its latest weekly purchase took its holdings to 499,096 Bitcoins—bought for $33.1 billion at an average price of $66,357 per token. Its Bitcoin hoard is worth more than $46 billion as of early Monday, up from just below $40 billion at one point last week.

How the company, which changed its name to Strategy last month, responded to the selloff was one big question that investors were keen to see answered.

The largest corporate holder of Bitcoin didn’t use last week’s price weakness to build up its holdings, so maybe MicroStrategy isn’t quite as bullish on the cryptocurrency as it once was?

Either way the stock will remain intrinsically tied to Bitcoin and all the volatility associated with cryptocurrencies.