(Bloomberg) — Bitcoin climbed to a record high for the second day in a row, with MicroStrategy Inc. the pace of his massive purchases of the cryptocurrency accelerated.

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Bitcoin’s largest publicly traded company holder announced Wednesday that it is increasing the number of convertible senior notes it plans to sell to fund additional purchases of the token by nearly 50% to $2.6 billion. MicroStrategy, which announced earlier this week that it had purchased $4.6 billion of the token, owns more than $30 billion.

Combined with other companies that have announced similar plans, the total amount raised by these companies could reach $43 billion by the end of 2026, Manuel Villegas, digital assets analyst at Julius Baer, ​​said in a note Wednesday.

“These corporate intentions would technically mean that if prices remain the same and all else remains equal, they would acquire every Bitcoin issued within the next two years,” Villegas said.

Bitcoin rose as much as 2.6% to $94,668, and is up about 40% since crypto cheerleader Donald Trump won the US presidential election.

The rally comes as the first options bets on BlackRock Inc.’s $44 billion iShares Bitcoin Trust. suggest that traders see potential for the token to break more records.

More than 350,000 contracts have changed hands after Nasdaq Inc. she listed on Tuesday, and about 80% were bullish bets, according to data compiled by Bloomberg.

Nine out of the ten most traded options bet on profit. The highest activity was on calls that expired in January at a strike of $55, followed by a December expiration of $65 – 25% above the exchange-traded fund’s closing price on Monday.

The options volume was a “good start and demonstrated growing ties between the crypto-native ecosystem and traditional finance,” said Caroline Mauron, co-founder of Orbit Markets, a liquidity provider for crypto derivatives. “The volume itself is not yet large enough to determine the direction of the underlying asset, but positive headlines have certainly contributed to a bullish mood.”

ETF question

The iShares Bitcoin Trust is the largest portfolio for the token and one of twelve US spot Bitcoin ETFs. The group has attracted net inflows of about $29 billion since its launch in January, according to Bloomberg data. About $5 billion of the deluge occurred in the period after Election Day on November 5.

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