MicroStrategy Inc. acquired about $347 million in Bitcoin during the second quarter, the largest purchase by the most prominent publicly-traded advocate of the cryptocurrency since prices peaked in late 2021.

The enterprise-software maker co-founded by crypto proponent Michael Saylor acquired 12,333 Bitcoin between April 29 and June 27 at an average price of $28,136, according to a US Securities and Exchange Commission filing on Wednesday. That brings the Tysons Corner, Virginia-based company’s Bitcoin purchases to around $4.5 billion, which is greater than it’s market capitalization of about $4.2 billion.

Bitcoin has surged in value this year after a series of industry scandals and bankruptcies sent cryptocurrency prices plunging late last year. The largest digital token climbed last week to a one-year high of more than $30,000 amid optimism that a series of new filings for a US Bitcoin exchange-traded fund would renew demand.

The company, seen by some equity investors as a proxy for the token, has funded its Bitcoin purchases in part by selling shares. As of June 27, 2023, MicroStrategy had issued and sold shares that resulted in net proceeds of approximately $333.7 million. In May, the company said it may issue and sell shares of its class A common stock, having an aggregate offering price of up to $625.0 million, according to the filing.

The average price for the Bitcoin recently acquired is $29,688, Bitcoin was down about 1.6% to $30,172 as of 10:15 a.m. in New York. Bitcoin reached an all-time high of almost $69,000 in November 2021.

Saylor began buying Bitcoin in 2020, citing the need to reduce the company’s holdings of cash because of what he termed the eroding threat of inflation.

Shares of MicroStrategy fell less than 1% to $322.83 on Wednesday. They’ve more than doubled this year, after tumbling 74% in 2022. The stock soared as high as $1,315 in February 2021.

--With assistance from Tom Contiliano.