Crypto Equities Surge More Than 10% as U.S. Political Uncertainty Diminishes With Trump Victory

MicroStrategy and Coinbase both added 12%, with bitcoin miners also gaining more than 10% in pre-market trading.

Shares of U.S. crypto companies surged in pre-market trading on Wednesday as bitcoin (BTC) jumped above $75,000 amid indications that Donald Trump was on track to win the U.S. presidential election, an outcome confirmed when he secured more than the 270 electoral college votes needed for victory.

MicroStrategy (MSTR), the largest corporate holder of bitcoin, added 12%, approaching $255 and is now just a few percentage points away from a record high that would represent a 280% climb this year. Crypto exchange Coinbase also gained 12% as did crypto miner Riot Platforms (RIOT).

Other miners also rallied, with Marathon Digital Holdings (MARA) rising 11% and IREN (IREN) 12%.

Among other notable mentions, Tokyo-based Metaplanet (3350), which is mimicking Microstrategy’s policy of buying bitcoin, added 24%. The investment adviser has rocketed more than 1,100% year-to-date. CEO Simon Gerovich said the company saw a record trading volume of 11.63 billion yen ($76 million).

This comes after Semler Scientific (SMLR), another bitcoin investor, saw a 30% increase in its share price on Tuesday.

Tesla, whose CEO Elon Musk supported Trump during the election campaign and has voiced his support for cryptocurrencies, advanced 15%.

With the uncertainty surrounding the election – which showed the candidates closely matched in opinion polls – the prospect of favorable regulation for crypto under Trump could be a new catalyst for a bull run, André Dragosch, head of research in Europe at Bitwise, told CoinDesk.

“A more pro-crypto stance among U.S. regulators will likely allow a more diverse set of investment opportunities such as ETFs,” Dragosch said.

“There are still several spot crypto ETFs waiting for the SEC’s approval, including spot ETFs on Solana and XRP. Cryptoasset service providers will be freer to operate and will likely face less pressure by regulators, i.e. the so-called ‘Operation Chokepoint 2.0’ will likely end.”

Bitcoin has generally performed very well after past U.S. elections, regardless of the outcome, Dragosch said.

“That being said, a Trump win is bound to accelerate the coming bull run in bitcoin and cryptoassets,” he added. “The latest U.S. election results imply that the political sentiment has significantly shifted towards a pro-crypto stance in the U.S. and will likely accelerate the mainstream adoption of cryptoassets.”