“ [The Twenty One initiative], together with other so-called Bitcoin treasury companies, is mechanically increasing demand for bitcoin, which is a catalyst for higher bitcoin prices,” said Christophe Roehri, deputy chief executive of digital asset manager TOBAM, which owns $3.9mn of Strategy shares, according to regulatory filings.

Price move gives renewed hope that the digital token can achieve a kind of escape velocity against almost any economic backdrop.

Bitcoin is up 3.6% over the last 24 hours to last trade at $111,362, according to CoinDesk data. The world’s largest cryptocurrency hit $111,875 overnight and, while paring some