MicroStrategy Inc. co-founder and Executive Chairman Michael Saylor’s more-than $4 billion bet on Bitcoin is on the verge of turning profitable once again after the first quarter surge in the value of the original cryptocurrency. 

Saylor first revealed that he was buying Bitcoin in August 2020, saying the digital currency was a better place to invest the enterprise software company’s cash than traditional staples such as short-term Treasuries because of the threat of rising inflation. Since then, Bitcoin has seen wide price fluctuations that have resulted in quarterly paper gains of as much as $3.1 billion and cumulative impairment charges of more than $2.1 billion for MicroStrategy. The company’s holdings have been underwater at the close of the last three quarters.

Bitcoin has increased about 73% in the three months ending Friday, the biggest quarterly gain in two years. The price tumbled 64% last year amid a series of industry scandals and bankruptcies. Bitcoin reached $29,171 on Wednesday, just below the Tysons Corner, Virginia-based company’s average purchase price of $29,817.