Saylor has also clarified that the company intends to keep buying, even at all-time highs. Interestingly, Strategy has never sold Bitcoin. Strategy's share price sits at 419.57 at press time, up over 0.66% over the last day.

The world's largest cryptocurrency touched a high of $109,481.83, a 2% gain on the day. Bitcoin, at times, trades in a similar fashion to tech stocks and other assets that rise in value when investor sentiment is high.

Bettors flocked to Polymarket, Kalshi and Myriad Markets to wager on Bitcoin's price action after the crypto set a record high on Wednesday.

Crypto stocks immediately rallied, following Bitcoin hitting a new all-time high (ATH) on May 21. MicroStrategy (MSTR), rebranded to Strategy, jumped to $423.22 within minutes. The firm is the largest corporate Bitcoin holder in the world, with 576,230 BTC on its balance sheet.

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Bitcoin rose to a new all-time high on Wednesday, breaking its January record. The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500.

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According to SB 21, the state can only use money from the reserve to buy cryptocurrency with an average market capitalization of at least $500 billion over the past 24 months. This means Texas would only be allowed to invest in large, established cryptocurrencies like Bitcoin and possibly Ethereum, depending on market conditions.

Of the top 20 digital coins and tokens, Dogecoin is up the most, with its daily gain outpacing Bitcoin's 4% rise at present. Bitcoin is currently sitting at $109,500 at CoinGecko, the highest price ever recorded by the price tracker. Crypto exchange Coinbase shows that BTC rose above $109,700 not long ago.

The bill’s co-sponsors are feeling confident the bill will now head towards a final vote in the Senate as soon next week. According to crypto analysts, including Fundstrat’s Sean Farrell, that could spark another massive Bitcoin rally.