Shares of Strategy ($MSTR) surged more than 10% Wednesday morning, briefly climbing above $189 per share, as investors piled back into the bitcoin treasury trade.

The move caps a volatile stretch for the stock following sharp drawdowns earlier this month.

Strategy, which holds the largest bitcoin position of any public company, has seen its equity trade as a high-beta proxy for bitcoin, with gains and losses often magnified relative to spot price movements. 

As bitcoin pushed toward the upper end of its recent range near $97,000, MSTR followed with a rapid upside move that outpaced the broader equity market.

The rally builds on momentum that began late last week after…

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