Investors who have plugged money into cryptocurrency-related companies—some of which are considered proxies for Bitcoin and other top assets—are having a field day with many of the top stocks surging following Donald Trump’s projected win of a second term in the White House.
The Nasdaq-listed Coinbase (COIN), which is America’s biggest crypto exchange, is up over 31% so far today, trading for $255 per share.
The San Francisco-based exchange—which went public back in 2022—allows customers to buy and sell Bitcoin, Ethereum, and a number of other major coins and tokens and is a favorite for investors wanting overall exposure to the regulated crypto world.
Coinbase was also a major player in the election cycle, committing tens of millions of dollars to Fairshake, a super PAC that supported many pro-crypto Senate and House candidates—and notched some major wins, including with the defeat of Senator Sherrod Brown in Ohio. The exchange also pushed advocacy campaigns via its Stand With Crypto alliance.
Elsehwere, shares of “Bitcoin development company” MicroStrategy (NASDAQ: MSTR) are up over 13% today, priced at $258. The company sells>The Tyson, Virginia-based company first bought Bitcoin back in 2020 when the company’s founder and Executive Chairman Michael Saylor said that the asset was the best way to preserve wealth and get returns for shareholders.
With Bitcoin sitting near an all-time high price of $75,767 as of this writing, MicroStrategy’s stash of 252,500 BTC is currently worth more than $19 billion. The firm recently revealed plans to raise $42 billion over the next three years to continue buying up Bitcoin.
Bitcoin mining companies in the U.S. are also doing very well on Wednesday: Low-carbon powered miner CleanSpark (CLSK) is up over 21%, trading hands for $12.80; Riot Platforms (RIOT) is up over 21% at $11.80; and Marathon (MARA) has jumped by 19% and is now trading at $19.35 a share.
All of the major stock indices are up Wednesday. However, crypto-related stocks are flying high not only due to Bitcoin setting a new peak price Tuesday night and again Wednesday afternoon, but also because Trump positioned himself as a crypto candidate, and someone who would work to protect the industry in America.
Investors are apparently betting that he will keep those promises when he retakes office in 2025.
Edited by Andrew Hayward
