U.S. crypto stocks surged, many posting double-digit gains, after Donald Trump’s landslide election victory and a new all-time high for Bitcoin.
Coinbase Global Inc. (COIN), one of the largest political donors in the election, saw the biggest jump, rising 31.11% to $254.30, up 62.1% for the year, according to Google Finance.
Other major players also saw gains: Robinhood Markets Inc. (HOOD) rose 19.6%, while Bitcoin itself surged.
U.S. Bitcoin miners also benefited, with Riot Platforms Inc. (RIOT) up 26%, CleanSpark Inc. (CLSK) rising 23%, and Hut 8 Corp. (HUT) gaining 11%.
Traders are optimistic that a Republican-controlled Congress and White House could pave the way for the passage of two pro-crypto bills.
Trump, running a pro-crypto campaign, even promised to build a Bitcoin stockpile.
Other crypto-related stocks like Marathon Digital (MARA) and MicroStrategy Inc. (MSTR) also saw strong gains, with MicroStrategy up over 13%.
