Michael Saylor’s Strategy Inc. bought more than $200 million worth of Bitcoin, turning to common stock to finance the bulk of its acquisitions, despite promises to lean on its perpetual preferred shares.

It was another year of high-conviction bets — and fast reversals.

Michael Saylor’s Strategy Inc. bolstered its cash reserve to $2.19 billion and paused purchases of Bitcoin over the past week as the largest digital asset treasury company appears to be settling in for a long crypto winter.

Michael Saylor’s Strategy Inc. acquired almost $1 billion in Bitcoin for a second consecutive week, as the original digital asset treasury company continues to ramp up purchases following the recent pullback in the price of the largest cryptocurrency.

Strategy Inc. shares rose as much as 2.8% in premarket trading Monday after the digital asset treasury company said it bought $962.7 million worth of Bitcoin from Dec. 1 to Dec. 7, marking its largest acquisition since July.

What began the year as one of the best trades in the stock market has, in a matter of months, turned into one of the worst.

Michael Saylor’s bet on Bitcoin has gone awry, punishing holders of leveraged ETFs

Rumors that a company may get the boot from a mainstream index can hurt shares