Bitcoin advanced past $94,000 on Wednesday for the first time as traders continued to monitor President-elect Donald Trump’s transition back to the White House and weighed early options trading on bitcoin ETFs.

The price of the cryptocurrency was last higher by more than 1% at $94,461.75, according to Coin Metrics. Earlier, it traded as high as $94,834.33.

Coinbase shares rose 2%. Meanwhile, MicroStrategy jumped 8%, bringing its week-to-date gains to 36%.

Bitcoin has been regularly hitting fresh records since the election, though in smaller increments since the postelection rally faded last week, on hopes that Trump will usher in a crypto-friendly era for the industry that includes a more supportive regulation and a potential national strategic bitcoin reserve or stockpile.

Traders this week are keeping a close eye on Trump’s appointments for Treasury Secretary and the Securities and Exchange Commission chair.

“We’re still very much in a phase of kind of pricing in the Trump trade,” said Joel Kruger, market strategist at LMAX Group.

He also pointed to the “mainstream, institutional adoption that we’re getting by way of the approval of the bitcoin and ETH spot ETFs this year” and options trading on those ETFs going live beginning Tuesday, which he called “another reflection of the maturation of the crypto market.”

Options on BlackRock’s iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq Tuesday. The Grayscale Bitcoin Trust (GBTC), the Grayscale Bitcoin Mini Trust (BTC) and the Bitwise Bitcoin ETF (BITB) are expected to have options available Wednesday.

Elsewhere, traders are looking forward to Nvidia earnings after the bell, which could impact bitcoin’s price. The cryptocurrency often benefits from moves in risk assets broadly, more so this year as institutional investors have become more comfortable with it thanks to bitcoin ETFs.

Qualcomm said on Tuesday that it expects its push into new markets to generate an additional $22 billion per year by 2029.

Of that amount, roughly $4 billion will come from PC chips, Qualcomm said at its investor day on Tuesday. The chipmaker just introduced PC processors earlier this year, when it released Snapdragon X for Windows devices.

The latest forecast marks an important milestone for Qualcomm CEO Cristiano Amon, who took over the company in 2021 with a promise to get past a reliance on smartphones. In fiscal 2024, Qualcomm’s handset business reported $24.86 billion in sales, about 75% of its entire chip business.

Qualcomm also said on Tuesday that automotive revenues would rise about 175% by 2029 to $8 billion, of which 80% is tied to contracts that have already been secured.

“We have been on this trajectory realizing that the technologies we have developed over the many years can be very relevant to a number of different industries beyond mobile,” Amon said at the investor event.

Another $4 billion in revenue will come from industrial chips and $2 billion will come from chips for headsets, a category Qualcomm calls XR. About $4 billion of the forecast is a catch-all for other chip sales, like those for wireless headphones and tablets.

Qualcomm shares are up 16% this year, trailing the Nasdaq, which has gained 26%.

Qualcomm grew rapidly over the past decade as its modems and processors became essential parts for high-end smartphones, especially those running Google Android. Qualcomm also sells modems and related parts to Apple for its iPhones.

But the company has warned investors that Apple could choose to stop buying Qualcomm parts as soon as 2027. Qualcomm said on Tuesday that its growing businesses will more than offset any losses from Apple.

Qualcomm’s strategy under Amon has been to use the technology its developed for its handset chips, like modems, processors, and AI accelerators, in new markets, including cars, PCs, and virtual reality. The investor event was the first time in years that the company has given a forecast for those new markets. Qualcomm said its total addressable market is as large as $900 billion.

“We put a strategy in ’21, and we’re not changing our strategy,” Amon said.

Laptop and desktop chips are currently dominated by Intel, which has over 70% percent of the market, according to Mercury Research. Intel reported $29 billion in PC chip sales in its 2023.

“The competitive landscape changed between the Windows and Macs,” Amon said, referring to Apple’s move in 2020 to switch from Intel to its own processors. “We saw that as an opportunity, especially as the ecosystem did not have confidence in the existing players to actually deliver a solution.”

The forecast for XR headsets also hints at the growth potential of the VR market over the next five years. Qualcomm supplies chips to many of the top headset makers, including Meta for its Quest and Ray-Bans products.

When it comes to artificial intelligence, Qualcomm calls itself an “edge AI” company, in contrast to cloud-based AI that’s typically powered by Nvidia processors. Company officials didn’t rule out introducing data center products in an interview with CNBC.

Qualcomm suggested that its mobile chips will be able to run the kind of advanced AI that’s restricted to large server farms today, an indication that that company may benefit from the AI boom down the road as the technology becomes more efficient.

“What you can run on the cloud last year, you can run on the device this year,” Durga Malladi, Qualcomm’s senior vice president in charge of planning, said at the event.

WATCH: Qualcomm shares spike on earnings beat

Options on BlackRock’s popular iShares Bitcoin Trust ETF (IBIT) began trading on the Nasdaq Tuesday, ushering in a new way to trade and speculate on the price of bitcoin.

IBIT traded 73,000 options contracts in the first 60 mins of trading Tuesday, Nasdaq told CNBC, placing the fund in the top 20 of the most active nonindex options.

Options trading allows investors to play bitcoin’s notorious volatility by letting them buy or sell an asset at a predetermined price based on whether they anticipate the price will rise or fall in a given period.

“Bitcoin has a lively derivatives market, but in the U.S. it is still tiny compared to other asset classes, and is largely limited to institutional players,” said Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter. “A deeper onshore derivatives market will enhance the growing market sophistication. This will reinforce investor confidence in the asset, bringing in new cohorts while enabling a greater variety of investment and trading strategies … [That] should, all else being equal, dampen both volatility and downside.”

The market for options contracts on major ETFs can be extremely active, and are widely used by more sophisticated traders. For example, over the past five business days, Interactive Brokers clients have more options orders on the Invesco QQQ Trust (QQQ) and the SDPR S&P 500 ETF Trust (SPY) than for the funds themselves, according to data from the brokerage.

The launch of the bitcoin ETF options will likely also lead to new funds that incorporate those options, said Todd Sohn, ETF strategist at Strategas.

“Grayscale already did a filing for a covered call [fund], and I’m sure BlackRock will come out with it too. And then we’re going to get buffers, and then we’re going to get whatever other trend-following-type strategy that folks think of. I think the ecosystem’s really going to start to fly here,” Sohn said.