Bitcoin (COIN:BTCUSD) soared to a new all-time high above $111,000 on Thursday, fueled by optimism surrounding U.S. regulatory advancements, particularly the progress of the GENIUS Act – a legislative effort to create a nationwide framework for stablecoins.

The leading cryptocurrency jumped 4.6%, reaching $111,430 as of 8:58 a.m. ET, and briefly touched $111,834, comfortably surpassing its previous record just over $109,000. So far in May, Bitcoin has gained more than 18%.

Regulatory Momentum Drives Confidence

The GENIUS Act, formally known as the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act, moved forward in the Senate this week. Market participants view the bill as a crucial step toward clearer and more comprehensive crypto regulations, which could unlock broader institutional involvement in digital assets.

A Senate floor vote is expected later this week, and if passed, the bill will be sent to President Donald Trump for his signature.

Adding to the enthusiasm, the Trump administration’s launch of a Strategic Bitcoin Reserve in March has further positioned the U.S. as a leader in the digital currency space.

Growing Adoption and ETF Inflows Support Rally

Alongside regulatory tailwinds, strong inflows into U.S.-listed spot Bitcoin ETFs helped maintain demand. Financial heavyweights like Fidelity and BlackRock have recently expanded their crypto offerings, reflecting growing acceptance of digital assets.

Notably, JPMorgan CEO Jamie Dimon, once a crypto skeptic, announced that the bank will now allow clients to buy Bitcoin – a significant pivot signaling Wall Street’s changing stance.

Coinbase’s recent entry into the S&P 500 index marked another milestone, being the first digital asset company included in the benchmark.

“More investors, including large funds, are increasingly viewing Bitcoin as a long-term investment rather than a speculative asset,” said Stephen Wundke, Strategy & Revenue Director at digital asset firm Algoz.

Wednesday saw $609 million in net inflows to U.S. spot Bitcoin ETFs – the sixth consecutive day of gains. BlackRock’s IBIT led with $530.6 million, while Fidelity’s FBTC, Bitwise’s BITB, and Grayscale’s Mini BTC Trust also drew significant investments. Additional inflows came from ETFs managed by VanEck, Ark, 21Shares, and Valkyrie.

Trading volume across 12 Bitcoin ETFs reached $7.64 billion, the highest since late February, according to SoSoValue.

Strategy Plans $2.1 Billion Preferred Stock Offering

Separately, Strategy (NASDAQ:MSTR) announced intentions to raise up to $2.1 billion through a 10.00% Series A Perpetual Preferred Stock offering. The issuance will be phased in depending on market conditions, with proceeds aimed at general corporate purposes—including potentially boosting its Bitcoin holdings and strengthening working capital.

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