Bitcoin has reached a new all time high (ATH) of $112,000, following a steady climb that began on June 22, when it was trading near $98,000.
Coinciding with BTC’s ATH, BlackRock’s iShares Bitcoin Trust also closed at a new ATH of $63.58.
IBIT now holds more than 700,000 BTC, roughly over 3.33 percent of the total bitcoin supply.
According to reports, IBIT generates more annual fee revenue than BlackRock’s S&P 500 ETF (IVV).
Despite being just 18 months old, the $75 billion ETF earns an estimated $187.2 million annually, surpassing the $187.1 million earned by IVV.
In 2021, El Salvador became the first nation to invest in Bitcoin, and now holds over 6,232 BTC in their treasury.
After bitcoin’s ATH, El Salvador’s Bitcoin reserves reached $400 million in unrealized gains after years of steady accumulation.
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On November 16, 2022, the President of El Salvador Nayib Bukele announced the country will start buying 1 BTC per day, “until Bitcoin becomes unaffordable with fiat currencies.”
The price action also reflects growing the demand from corporations buying more bitcoin.
Earlier this month, UK-based The Smarter Web Company increased its BTC holdings to 1,000 BTC. US tech firms have likewise been heavily accumulating, with multiple Nasdaq listed companies converting a portion of their cash reserves into Bitcoin.
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“I am looking forward to working with our advisors on evaluating the effectiveness and perhaps we can then inspire other UK companies to adapt a similar mechanism, as we have seen with our pioneering approach to treasury management using Bitcoin,” stated the CEO of The Smarter Web Company Andrew Webley.
The US President is observed to be determined. He supports Bitcoin, the cabinet supports Bitcoin, Scott Bessent supports Bitcoin, Paul Atkins is shown himself to be an enthusiastic believer of Bitcoin and digital assets… Bitcoin has gotten through its riskiest period.”
The Trump administration's crypto-friendly policies have bolstered digital assets overall, opening pools of capital to the sector.
For instance, Trump Media & Technology Group, run by the US president's family, is looking to launch an exchange-traded fund that will invest in multiple crypto tokens, including bitcoin, ether, solana and ripple, according to a filing with the US markets regulator on Tuesday.
Bitcoin's rally also spread to other cryptocurrencies.
Ether, the second-largest digital currency in terms of market capitalization, also rallied, hitting a one-month high of $2,794.95. It last traded up 5.4 percent at $2,740.99.
Other crypto-related stocks also gained. Strategy, co-founded by the leading voice in the bitcoin treasury movement Michael Saylor, rose 4.7 percent to $415.41, while Coinbase Global advanced 5.4 percent to $373.85.