Warren Buffett’s Berkshire Hathaway once again scooped up shares of Sirius XM, boosting its stake in the satellite radio company to over 35%.

The Omaha, Nebraska-based conglomerate purchased roughly 2.3 million shares for about $54 million in separate transactions Thursday through Monday, according to a filing with the Securities and Exchange Commission Monday evening. Berkshire now owns 35.4% of SiriusXM.

Berkshire first bought Liberty Media’s trackers in 2016 and started piling into SiriusXM’s tracking stocks in the beginning of 2024 in a likely merger arbitrage play. Billionaire John Malone’s Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the radio company, as part of the reshuffling of his sprawling media empire. There was also a split-off of the Atlanta Braves baseball team into a separate, publicly traded company, which Berkshire also owns shares in.

Buffett has yet to mention the Siri bet publicly, and it’s not clear if the 94-year-old investor was behind it or if it’s the work of his investing lieutenants, either Ted Weschler or Todd Combs. Berkshire also purchased about 5 million shares in December.

SiriusXM had a rough 2024 with shares down a whopping 58% as the company grappled with subscriber losses and unfavorable demographic shifts. It’s not a favored stock on Wall Street. Out of the 16 analysts covering Siri, only three gave it a buy rating, according to FactSet.

The stock is up about 5% in the new year.