Coinbase Inc. (COIN), the popular U.S.-based cryptocurrency exchange, saw its stock soar by more than 20% on Nov. 11, breaking past the $300 mark for the first time since 2021. This jump in value follows the recent U.S. election, where Donald Trump’s win has sparked optimism across the crypto sector.
With Trump’s victory, many in the industry anticipate a more crypto-friendly regulatory environment. According to Michael Miller, an equities researcher at Morningstar Inc., the election result could ease the regulatory pressure that Coinbase has faced from the SEC, especially regarding its staking services. “With the incoming Trump administration expected to be more favorable to cryptocurrency, Coinbase’s staking business will likely face less regulatory pressure,” Miller stated.
Brian Armstrong, CEO of Coinbase, also expressed enthusiasm for the election outcome. In a post on the X platform, Armstrong stated, “Crypto got the full-throated support of the winning presidential candidate.” He further remarked that the country “repudiated” anti-crypto actions taken by figures like Senator Elizabeth Warren and SEC Chair Gary Gensler, adding that the upcoming Congress “will be the most pro-crypto Congress ever.”
Coinbase’s strong Q3 performance provided additional momentum for its stock price. The company reported $1.2 billion in revenue and a profit of $75 million for the quarter, underscoring the company’s resilience amid regulatory challenges. In a letter to shareholders, Coinbase highlighted its commitment to expanding blockchain adoption, including integrating stablecoins across its products and growing its layer 2 network, Base.
The positive sentiment around crypto didn’t stop with Coinbase. Galaxy Digital, another major player in the space, reported its biggest trading day of the year on Nov. 5, as the election results fueled a wave of interest in digital assets. Michael Novogratz, CEO of Galaxy Digital, described the day as “an affirmation of everything we’ve been working for,” citing high activity in trading, lending, and derivatives both in the U.S. and internationally.
With the election’s outcome viewed as a turning point for the crypto industry, companies like Coinbase and Galaxy Digital are preparing for what many hope will be a supportive regulatory environment, paving the way for continued growth and innovation.
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