Crypto-Related Investments Rise With Trump Win, MicroStrategy Buy

On By Littum

Key takeaways

  • Investments linked to cryptocurrencies rose as excitement over Donald Trump’s presidential victory continued.
  • Bitcoin traded to another all-time high, surpassing $88,000.
  • MicroStrategy, the largest corporate owner of bitcoin, announced that it had just paid $2.03 billion to buy an additional 27,200 bitcoin.

The cryptocurrency euphoria that followed Donald Trump’s victory in the US presidential election continued on Monday, with everything tied to the emerging digital currency industry.

Bitcoin once again traded at an all-time high, previously above $88,000. Shares of companies in the sector, including Robinhood Markets ( HOOD ), Coinbase Global ( COIN ), Riot Platforms ( RIOT ) and Marathon Digital parent MARA Holdings ( MARA ), all rose, with Marathon up about 30%.

Crypto exchange-traded funds (ETFs), such as the iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), also advanced, increasing by double-digit percentages.

Trump has said he wants the US to be the ‘Crypto Capital of the Planet’

The excitement has been fueled by Trump’s past comments about his support for cryptocurrencies, at one point saying he wants the US to be the “crypto capital of the world.”

In addition, MicroStrategy (MSTR), the largest corporate owner of bitcoin, announced that it had purchased an additional 27,200 bitcoins for $2.03 billion. MicroStrategy stock ended the day up 25%.

The total estimated cryptocurrency market cap recently approached $3 trillion, according to CoinMarketCap.

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