Crypto-Related Investments Surge on Trump Win, MicroStrategy Buy

11/11/2024 23:25
Crypto-Related Investments Surge on Trump Win, MicroStrategy Buy

Investments tied to cryptocurrencies surged as the excitement over Donald Trump's victory in the presidential election continued.

  • Investments tied to cryptocurrencies surged as the excitement over Donald Trump's victory in the presidential election continued.

  • Bitcoin traded at yet another all-time high, surpassing $82,000.

  • MicroStrategy, the biggest corporate holder of bitcoin, announced it had just paid $2.03 billion to purchase another 27,200 bitcoin.

The cryptocurrency euphoria that followed Donald Trump's victory in the U.S. presidential election continued Monday, with everything tied to the digital currency industry powering ahead.

Bitcoin once again traded at an all-time high, surpassing $82,000. Dogecoin, a favorite of Trump adviser and Tesla (TSLA) CEO Elon Musk, surged 12%.

Shares of companies in the sector, including Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT), and Marathon Digital parent MARA Holdings (MARA), soared 11% or better.

Crypto exchange-traded funds (ETFs), such as iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), also jumped.

The enthusiasm has been driven by Trump's previous comments about his support of cryptocurrencies, at one point saying he wants the U.S. to be "the crypto capital of the planet."

In addition, MicroStrategy (MSTR), the largest corporate holder of bitcoin, announced that it had purchased an additional 27,200 bitcoin for $2.03 billion. MicroStrategy shares recently were up 16%.

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