U.S. crypto stocks closed with major gains, many in double digits, following Donald Trump’s election victory and Bitcoin’s new all-time high.
Coinbase Global Inc (COIN), a significant donor in the election, saw the largest surge on Nov. 6, ending up 31.11% at $254.3 and now up 62.1% year-to-date, according to Google Finance.
Robinhood Markets Inc (HOOD) also soared, jumping 19.6%, while Bitcoin miner MARA Holdings Inc (MARA), formerly Marathon Digital, saw a similar increase.
MicroStrategy Inc (MSTR), known for its BTC holdings, closed over 13% higher.
Other U.S. Bitcoin miners also saw strong gains: Riot Platforms Inc (RIOT) rose 26%, CleanSpark Inc (CLSK) increased by 23%, and Hut 8 Corp (HUT) gained 11%.
Traders seem optimistic about the prospect of Republican control in both Congress and the White House, which could ease the path for two GOP-backed crypto bills.
President-elect Trump campaigned on a pro-crypto platform, even proposing a national Bitcoin reserve.
He appears on track to secure 312 electoral votes, well above the 270 needed, with leads in key swing states like Nevada and Arizona, as reported by the Associated Press.
Trump’s Republican party has gained a majority in the Senate and leads in the House, though 40 seats remain undecided.
The Republican-controlled Senate, taking office in January, may push forward the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to place more crypto oversight with the Commodity Futures Trading Commission.
The bill had stalled in the Senate after passing the House in May.
The GOP’s proposed stablecoin regulatory framework could also gain traction with a House majority, as it stalled after passing the Financial Services Committee last July.
Bitcoin’s soaring price has been another catalyst for stock price jumps, hitting a record $76,509.56 on Coinbase just before the New York Stock Exchange closed at 4 p.m. (9 p.m. UTC), according to TradingView.
