- Bitcoin has risen to a new record level above $116,000 in afternoon trading in New York on Thursday.
The largest cryptocurrency in the world traded up 4.6% at $115,935 at 12:27 AM.
It briefly jumped to an all-time high of $116,601.40 before pulling back slightly.
Bitcoin reaches a record level thanks to institutional demand.
This achievement comes amid increasing allocations from institutional investors, including entities moving Bitcoin to treasury wallets and exchange-traded funds overseen by major asset management firms.
Corporate treasuries continue to accumulate Bitcoin aggressively. Strategy Inc (NASDAQ:MSTR) remains the most prominent, but new entrants, such as GameStop Corp (NYSE:GME), have joined the ranks, announcing Bitcoin purchases approved by the board.
Earlier this week, Trump Media (NASDAQ:DJT) submitted an application to the U.S. Securities and Exchange Commission for approval to launch a new "leading cryptocurrency exchange-traded fund" later this year. The company has already submitted applications for two ETFs earlier this month.
These favorable structural winds, including ETF inflows, corporate treasury expansion, and supportive U.S. policy, have enhanced Bitcoin's appeal as an institutional-grade asset.