President Donald Trump’s media company just announced a plan to raise $2.5 billion to buy bitcoin, joining a growing number of so-called “bitcoin treasury companies” as the world’s most popular cryptocurrency hits all-time highs.

Strategy (MSTR 1.55%) (formerly called MicroStrategy) famously pioneered the Bitcoin (BTC 0.15%) treasury concept, buying the crypto and holding it on the company's balance sheet.

Bitcoin soared above the $110,000 mark late Monday for the first time in nearly two weeks, buoyed by optimism surrounding renewed trade discussions between the United States and China. The price jump also triggered a wave of short liquidations as the rally gained momentum.