The world’s largest cryptocurrency reached $107,998 early in the day, just short of its record $109,224 reached on Inauguration Day in January.

Many remember May 22, 2010 as Bitcoin Pizza Day, buy Laszlo Hanyecz actually spent nearly 80,000 bitcoin that year — a sum worth over $8.7 billion today.

The cryptocurrency rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve.

According to SB 21, the state can only use money from the reserve to buy cryptocurrency with an average market capitalization of at least $500 billion over the past 24 months. This means Texas would only be allowed to invest in large, established cryptocurrencies like Bitcoin and possibly Ethereum, depending on market conditions.

Saylor has also clarified that the company intends to keep buying, even at all-time highs. Interestingly, Strategy has never sold Bitcoin. Strategy's share price sits at 419.57 at press time, up over 0.66% over the last day.

Bitcoin's price is creeping back toward all-time highs this week, but one options trade is eyeing much bigger gains in the month ahead.