Crypto Companies Stocks Soar as Bitcoin Nears $90K

As Bitcoin continues to experience record-breaking rallies, which have taken the asset past $89,000, crypto companies such as MicroStrategy, Coinbase and Marathon Digital have registered significant gains. 

The leading cryptocurrency has jumped about 32% since the U.S. election on November 5 to hit a peak of $88,830 at press time. 

Stocks of Crypto Companies Skyrocket 

Alongside Donald Trump’s White House win last week, the stock prices of crypto firms have been riding a wave of investor enthusiasm rooted in promises of a more crypto-friendly administration.

MicroStrategy, the largest corporate holder of bitcoin, saw its stock price jump nearly 26% on Monday, hitting a new all-time high above $351 after it unveiled its latest acquisition of 27,200 BTC for $2.03 billion.

Similarly, the stock price of leading crypto exchange Coinbase currently trades at $324.24, which represents a significant 19.96% rise in the last 24 hours and close to an 84% jump over the past month. With this notable surge, the firm’s stock is not far off from touching its debut price of $381 when the company went public roughly three years ago. 

Furthermore, the stock prices of major bitcoin mining companies like Marathon Digital and  Riot Platforms have registered a significant 29.97% and 16.94% increase, respectively. Electric car manufacturing company Tesla, which ranks fourth among publicly traded companies that hold bitcoin, also saw its stock rise by 8.96% to trade at $350.00

Tesla’s CEO Elon Musk, who actively threw his support behind Trump during his campaign, is poised to have some level of role or influence in the upcoming Trump administration, which could further help his companies.

U.S. Presidential Election Influence 

Motivated by the prospect of a regulatory environment that could make the U.S. a more competitive player in the global crypto landscape, the leading figures of most of these crypto firms had advocated for a government under President-elect Donald Trump. 

Trump had vowed to welcome the industry during his campaign, with pledges like setting up a strategic Bitcoin reserve and boosting domestic mining of the asset. With his win, these companies are now cheering as their stock prices soar.