Crypto stocks jumped in morning trading. Cantor Equity Partners rose 18%; Strategy rose 4%; Coinbase, Hut 8, and Riot Platforms rose 3%; MARA Holdings rose 2%.

Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand.

Bitcoin climbed as much as 3.3% on Thursday to hit a record of $111,878, according to data compiled by Bloomberg. Smaller tokens also rose, with second-ranked Ether at one point up about 5.5%.

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 under President Donald Trump, who is avowedly pro-crypto. 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.

Bitcoin’s latest milestone comes as Trump prepares to meet with the biggest holders of his memecoin at a dinner at his golf club just outside Washington on Thursday. The event has raised concerns among ethics experts, who argue that it offers access through transactions that directly benefit the president, and has sparked criticism over potential conflicts of interest.