COIN: Coinbase Stock Soars 31% in Best Day Ever as Crypto Markets Cheer Trump Win

Crypto exchange added nearly $20 billion to its valuation overnight, lifting its CEO’s net worth by over $2 billion.

• Coinbase stock COIN blasted off by 31% on Wednesday after former President Donald Trump was announced the winner of the 47th presidential election, defeating Kamala Harris. The gain was Coinbase’s best single-day performance and was especially lucrative to its chief executive Brian Armstrong. He pocketed over $2 billion out of the $20 billion of new money flowing into the company’s market cap. Armstrong is the biggest individual shareholder with more than 10% of the outstanding shares.
• Coinbase, which is the biggest US-based crypto exchange and the only public crypto trading venue, stands to gain a lot from a Trump presidency. Trump’s campaign was sprinkled with promises of lighter crypto regulations and lots of support from Congress for crypto-focused investments and initiatives. Also, Trump has vowed to fire Securities and Exchange Commission boss Gary Gensler who had launched several lawsuits against Coinbase and other crypto-centric companies.
• “Being anti-crypto is simply bad politics,” Armstrong wrote in a post on X, and followed up by saying that “no matter how you slice it, this election was a huge win for crypto.” Bitcoin, in the meantime, powered to an all-time record of $76,000, crossing $1.5 trillion in valuation. Bitcoin is now up 70% on the year, while shares of Coinbase boast a 62% increase over the same time span.