Shares of Coinbase (COIN) surged over 20% on November 11, breaking the $300 mark for the first time since 2021. The U.S. election results on November 5, in which Donald Trump emerged victorious, are believed to have boosted crypto stocks, including Coinbase, as the industry anticipates a friendlier regulatory environment under his administration.<\/p>\n\n\n\n
Michael Miller, an equities researcher at Morningstar, noted that Coinbase is well-positioned to benefit from the election outcome. \u201cWith the incoming Trump administration expected to favor cryptocurrency, Coinbase\u2019s regulatory battles, especially its staking services, may face less scrutiny,\u201d he explained. Coinbase has been actively challenging regulatory pressure from the SEC, making this potential policy shift a significant advantage for the company.<\/p>\n\n\n\n
Coinbase CEO Brian Armstrong expressed optimism, posting on the X platform that \u201c[t]he country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry.\u201d Armstrong added that he expects the next Congress to be the \u201cmost pro-crypto Congress ever.\u201d<\/p>\n\n\n\n
Coinbase recently reported $1.2 billion in revenue and $75 million in profits for Q3 2024. The company has focused on foundational advancements to bring more users into the crypto ecosystem, including stablecoin integration across its platforms and growth on its Base layer-2 network. According to a recent shareholder letter, Coinbase aims to bring \u201cone billion users onchain,\u201d leveraging its new developments.<\/p>\n\n\n\n
Other crypto firms are also experiencing a boost from the election outcome. Galaxy Digital, for instance, recorded its highest trading day of the year on November 5. Galaxy CEO Michael Novogratz described it as an \u201caffirmation\u201d of the firm\u2019s efforts, noting strong trading and lending activity with partners in the U.S. and internationally.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shares of Coinbase (COIN) surged over 20% on November 11, breaking the $300 mark for the first time since 2021. The U.S. election results on November 5, in which Donald Trump emerged victorious, are believed to have boosted crypto stocks, including Coinbase, as the industry anticipates a friendlier regulatory environment under his administration. Regulatory Relief […]<\/p>\n","protected":false},"author":5,"featured_media":5940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,43],"tags":[],"class_list":["post-12263","post","type-post","status-publish","format-standard","has-post-thumbnail","category-exchange","category-general-news"],"acf":[],"yoast_head":"\n