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.

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.

GameStop, the videogame retailer that became famous as a meme stock in the Covid-19 pandemic, was plunging early Thursday. The main reason is because it announced plans to raise money that could be used to fund its new corporate strategy of buying Bitcoin.

GameStop has announced its intention to raise $1.75 billion via the offer of convertible senior notes, potentially to purchase more Bitcoin.