Coinbase, MicroStrategy and other crypto stocks are soaring after Trump's election win
The crypto community is celebrating President-elect Donald Trump’s election victory, and so are crypto stocks. Bitcoin reached an all-time high Tuesday night, crossing the $75,000 mark, and companies tied to the crypto, such as Coinbase, MicroStrategy, Marathon Digital, Riot Platforms, and Tesla, saw significant gains on Wednesday.
This year, individuals and groups linked to crypto companies donated millions to Trump’s campaign, hoping that his presidency will bolster the fortunes of the crypto market. With his win, these companies are now cheering as their stock prices soar.
Coinbase soars 26% following Trump’s victory
Coinbase (COIN) stock was soaring 26% on Wednesday afternoon. The largest crypto exchange in the U.S. was one of the leading crypto companies advocating for a crypto-friendly government. Following the confirmation of Trump’s victory, CEO Brian Armstrong took to X to share data indicating that the upcoming Senate and House of Representatives will have more pro-crypto leaders than opponents.
“We have a #Bitcoin President,” says MicroStrategy founder
Bitcoin advocate and MicroStrategy (MSTR) founder Michael Saylor posted on X: “We have a #Bitcoin President.” The stock of business intelligence firm was up nearly 10% on Wednesday morning. As the largest publicly traded corporate holder of Bitcoin, MicroStrategy holds approximately 252,220 Bitcoin, which is approximately $18.9 billion worth of the cryptocurrency at today’s price.
Shares of crypto mining companies are skyrocketing
During his speech at the Bitcoin conference, Trump said Bitcoin “is the steel of the future,” and he wants it to be “mined, minted, and made” on American soil. He met with executives from prominent crypto mining firms, listening closely to their challenges and discussing ways to enhance the industry’s growth.
This pro-crypto stance has sent a surge of optimism through the industry, especially among major crypto mining companies like MARA Holdings Inc. (formerly Marathon Digital Holdings) (MARA) and Riot Platforms (RIOT), whose stocks soared more than 17% on Wednesday, buoyed by the prospect of a regulatory environment that could make the U.S. a more competitive player in the global crypto landscape.
Bitcoin-holder Tesla is among top performing stocks
Tesla (TSLA) possesses 11,509 Bitcoin, ranking fourth among publicly traded companies that hold Bitcoin. Its stock is up nearly 15% on Wednesday.
The electric vehicle firm’s CEO, Elon Musk, has become a close ally of Trump’s over the past several months, even spending election night with him at Trump’s Mar-a-Lago resort in Florida. Musk, who also leads several other firms, is poised to have some level of role or influence in the upcoming Trump administration, which could further help his companies.
— William Gavin contributed to this article
