NEW YORK — Bitcoin surged past $95,000 on Thursday, reaching its highest level in three months as major financial institutions continue to embrace cryptocurrency.

The rally was sparked by news that BlackRock, the world’s largest asset manager, has increased its Bitcoin ETF holdings by 25% over the past quarter. Several pension funds have also disclosed new positions in digital assets.

“Institutional adoption is the primary driver of this bull run,” said Michael Saylor, executive chairman of MicroStrategy. “We’re seeing a fundamental shift in how traditional finance views Bitcoin.”

The total cryptocurrency market capitalization has expanded to $3.2 trillion, with Ethereum and Solana also posting significant gains. Trading volumes on regulated exchanges have doubled since January.

Analysts suggest Bitcoin could test the $100,000 psychological barrier before year-end if current momentum continues. Regulatory clarity in major markets is expected to further accelerate institutional participation.