Coinbase, Marathon Digital & MicroStrategy rally high amid Bitcoin rise, Trump’s win

Crypto-related stocks in the American equity market concluded the day with huge gains, most of which were in double digits in the aftermath of Donald Trump’s landslide election victory and Bitcoin’s new all-time high

The largest gain occurred on Nov. 6, when cryptocurrency exchange Coinbase, one of the largest funders throughout the election cycle, closed up 31% at $254.3, making it up 62% so far this year, according to Bloomberg data

The well-known trading firm Robinhood Markets Inc. (HOOD) and B miner MARA Holdings Inc. (MARA), originally known as Marathon Digital, both had day-long increases of 19.6%. Additionally, MicroStrategy Inc. (MSTR), closed up more than 13%.

Traders are hopeful that Republicans will control the White House and Congress, which would make it easier for two crypto measures supported by the GOP to become law.

President-elect Trump committed to the crypto industry and even pledged to build a strategic Bitcoin stockpile. : Trump has floated the idea of establishing a federal Bitcoin reserve. During a speech at the Bitcoin conference in Nashville in July, he stated his administration would keep 100% of all the Bitcoin that the U.S. has seized from financial criminals, suggesting a policy of not selling off these assets.

Trump criticized the current regulatory environment under the Biden administration, particularly targeting SEC Chair Gary Gensler, stating he would ensure a more crypto-friendly regulatory approach if elected. He has pledged to “end Joe Biden’s war on crypto.”

According to the Associated Press, he leads in the crucial swing states of Arizona and Nevada that have not yet been called, putting him on track to receive 312 electoral college votes—far more than the 270 required to win.

He is also leading in the crucial swing states of Arizona and Nevada that have not yet been called, putting him on track to receive 312 electoral college votes—far more than the 270 required to win.