Bitcoin Prices Climb to All-Time High Above $111,650

Bitcoin climbed as much as 3.1% in early Asian trading on Thursday to hit a record of over $111650, according to data compiled by Bloomberg.

Bitcoin rose as much as 3.1% in early Asian trading on Thursday to hit a record of over $111,650, according to data compiled by Bloomberg. Smaller tokens also advanced, with second-ranked Ether at one point up more than 5%.

A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for digital-asset firms. The move comes amid a broader wave of pessimism over the outlook for the US economy.

Surging demand from Michael Saylor’s Strategy — which has stockpiled over $50 billion worth of Bitcoin — and a growing list of token hoarders is another driving force behind the rally.

The hedge fund, known for its macroeconomic bets, has been scooping up Bitcoin in a manner not seen before in the cryptocurrency markets.

Now, a flurry of small-cap companies and public firms newly formed by crypto heavyweights are financing their purchases by offering anything from convertible bonds to preferred stocks.

An affiliate of Cantor Fitzgerald LP is working with stablecoin issuer Tether Holdings SA and SoftBank Group to launch Twenty One Capital Inc., a company that emulates Strategy’s business model, people familiar with the matter said.

A subsidiary of Strive Enterprises Inc. co-founded by Vivek Ramaswamy is merging with Nasdaq-listed Asset Entities Inc. to form a Bitcoin treasury company.

In options markets, traders built eye-catching Bitcoin positions earlier this week with the $110,000, $120,000 and $300,000 calls expiring on June 27 logging the most open interest — or number of outstanding contracts — on Deribit, the derivatives exchange.