Shares of the Coinbase Inc. cryptocurrency exchange. (COIN) rose by more than 20% on November 11, exceeding $300 for the first time since 2021.

Cryptocurrency stocks in the United States are seeing huge gains following Donald Trump’s victory in the presidential election as many believe his victory will benefit the industry, according to Cointelegraph Research.

“We view Coinbase as a beneficiary of the election results as the company faces regulatory pressure from the SEC and the company is actively fighting the agency in court,” Michale Miller, equity researcher at Morningstar Inc., said in a November 7 research note.

“As the incoming Donald Trump administration is expected to be more favorable to the cryptocurrency industry, the company’s staking activities will be subject to less regulatory pressure,” Miller said.

“A less direct, more liberal approach to cryptocurrencies is likely to have a positive impact on cryptocurrency prices.”

“Crypto has the full support of the winning presidential candidate,” Coinbase CEO Brian Armstrong said in a November 6 speech article on the X platform

“The country has completely rejected the work of Senator Warren and Gary Gensler, who have tried for years to wrongfully kill our industry,” Armstrong said, adding “[t]His next Congress will be the most pro-crypto Congress in history.”

On October 30, Coinbase reported revenue of $1.2 billion in the third quarter of 2024 and profits of $75 million.

Coinbase focuses on “some of the building blocks that are currently available to help its 1 billion users in the supply chain” According to to the shareholders’ letter of October 30.

“During the third quarter, we made significant progress in improving some of these elements – most notably integrating stablecoins across our product suite and expanding the Base network,” the letter said, referring to Coinbase’s Layer 2 scaling network.

Another cryptocurrency trading company, Galaxy Digital, had its biggest trading day of the year on November 5 as Trump’s victory sparked a surge in interest in cryptocurrencies.

“[O]”Your franchise was operating at full capacity – trading with counterparties both in the U.S. and abroad, providing loans, selling derivatives,” Michael Novogratz, Galaxy’s CEO, told Bloomberg.

“It was really a validation of everything we had been working on,” Novogratz said.

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