MicroStrategy shares jumped as much as 7% Monday morning after the company disclosed another massive Bitcoin acquisition, purchasing 4,871 BTC for approximately $329.9 million at an average price of $67,718 per coin. The aggressive accumulation brings the enterprise software firm's total holdings to 766,970 Bitcoin, acquired for a total cost of around $58 billion, as CEO Michael Saylor continues to execute on his corporate Bitcoin strategy.

Strategy (MSTR) Reports Losses in Latest Quarter

In addition to the Bitcoin purchase, Strategy (MSTR) also reported its first-quarter financial results, including a $14.46 billion unrealized loss on digital assets and a $2.42 billion deferred tax benefit. As of March 31, the company recorded a $1.73 billion deferred tax asset related to those unrealized losses, which was offset by a corresponding $1.73 billion valuation allowance against the amount.

“Because the fair value of Strategy’s Bitcoin holdings is below its cost basis, Strategy expects to establish an additional valuation allowance of $0.5 billion against these deferred tax assets,” the company said in its release.

Despite the climb on Monday, Strategy (MSTR) stock remains down 4.4% in the last month and a furthr 16% YTD. Furthermore, before Monday’s opening bell, Strategy shares were set to fall 2.4% to around $199, according to Yahoo Finance. Analysts still see significant upside for MicroStrategy, with price targets ranging from $185 to $705, compared to the current market price of $127.