Bitcoin's price rose 0.32% to $98,747 after MicroStrategy announced plans to issue new shares for cryptocurrency purchases.
MicroStrategy aims to increase liquidity and fund additional Bitcoin acquisitions through the issuance of new shares.
MicroStrategy recently acquired $561 million worth of Bitcoin, making it a major Bitcoin holder with total purchases of $5.4 billion this month.
The announcement of MicroStrategy's plans has influenced Bitcoin's price increase and highlights the growing institutional adoption in the cryptocurrency market.