In early November, elections were held in the United States, which was won by Republican candidate Donald Trump, who supports cryptocurrencies. The very next day, the US Federal Reserve System (FRS) announced a reduction in the key rate. Thus, investors had two reasons to invest in digital assets. What about the stock market? Let’s look at what happened to the shares of the ten largest companies that hold, mine or accept Bitcoin as a means of payment.
Riot Blockchain (NASDAQ: RIOT)
The list opens with the mining company Riot Blockchain with a capitalization of $4.2 billion. Its shares had a fairly successful month – since November 5 they have increased by more than 30%. This dynamic is understandable, given that the higher the price of Bitcoin, the greater the profit of miners. After the US elections and the subsequent rate cut, BTC increased by almost 40%, and therefore Riot Blockchain shares also increased.
Source: tradingview.com
Core Scientific (NASDAQ: CORZ)
In ninth place is Core Scientific with a capitalization of $4.99 billion. This is a fairly diverse organization that focuses not only on mining, but also provides its capabilities to third-party users. Core Scientific shares rose by 37.33% after the election of Trump as president, the reduction of the key rate, and against the backdrop of rising Bitcoin prices. The logic here is the same as in the case of Riot Blockchain: the more expensive BTC, the greater the profit, and the stronger the investment interest in the miner’s securities grows.
Source: tradingview.com
Galaxy Digital Holdings (TSX:GLXY)
Eighth place is occupied by Galaxy Digital Holdings with a market capitalization of $6.15 billion. The company’s activities are quite diverse: Bitcoin mining, trading, banking and insurance services, and much more. After November 5, Galaxy Digital Holdings shares began to grow, and with a gap (a visible gap on the price chart). The total increase was 55.88%.
Source: tradingview.com
Marathon Digital Holdings (NASDAQ: MARA)
In seventh place is the miner Marathon Digital Holdings with a capitalization of $8.82 billion. Since the profit of a bitcoin mining company increases with the increase in the value of BTC, it is not surprising that in November Marathon Digital updated its price highs for eight months. In total, after the elections in the United States and the Fed’s key rate cut, the company’s shares rose by 68.84%.
Source: tradingview.com
Grayscale Bitcoin Trust (NYSE: GBTC)
In sixth place is a spot exchange-traded fund (ETF) for Bitcoin from Grayscale with a capitalization of $53.37 billion. Elections, the Federal Reserve rate cut and the growth of BTC had a positive impact on GBTC – at the end of November, the fund’s shares (units) reached their all-time high of $79.34 . Even the continuing outflow of funds could not prevent this – in total, more than $360 million was withdrawn from the fund in November, while the influx of money was recorded for only five days.
Source: tradingview.com
Block (NYSE: SQ)
In fifth place is financial services service Block (formerly known as Square) with a market capitalization of $54.88 billion. In the cryptocurrency space, the company is known for facilitating crypto transactions and investing in Bitcoin. After all the November events, Block showed a rather modest growth of 22.34%. However, investors continue to believe in the company. For example, Japanese banking holding Mizuho believes that Block has every chance to increase its gross income (profit from core activities) in 2025 by 15%. Target price for Block shares – $110.
Source: tradingview.com
Coinbase (NASDAQ: COIN)
The fourth place is occupied by the cryptocurrency exchange Coinbase with a capitalization of $74.15 billion. November turned out to be successful for the company’s shares – they grew by 52.71%. At the same time, at the end of the month there was several news that could break the faith of investors in Coinbase. Yes, crypto exchange decided not to enter the Turkish market, which will not allow it to expand its reach to its customers. Additionally, due to MiCA regulations coming into force in Europe, Coinbase was forced to stop the USDC rewards program in the region, which could cause dissatisfaction among buyers.
Source: tradingview.com
PayPal (NASDAQ: PYPL)
Payment service PayPal with a capitalization of $86.99 billion ranks third. The company not only allows you to carry out various transactions with cryptocurrencies, but also has its own stablecoin – PayPal USD (PYUSD). PayPal shares gained an impressive 52.71% following Trump’s election victory and rate cut. At the same time, if you look globally, they are still quite cheap – 3.5 times less than the historical maximum of $310.16, which was reached in July 2021.
Source: tradingview.com
MicroStrategy (NASDAQ: MSTR)
In second place is MicroStrategy with $89.3 billion. Its main activities are not related to cryptocurrency – business process analytics and software delivery. However, MicroStrategy is the largest investor in Bitcoin. In November the company continued to increase their savings by purchasing another $5.4 billion worth of BTC. The November events had a better impact on the company than on other representatives of this rating – its shares have risen in price by 70.09% since November 5. It is also worth considering that from the highs of November 21, they fell by 28.64%, otherwise the results would have been even more impressive.
Source: tradingview.com
Tesla (NASDAQ: TSLA)
The first place among crypto companies is occupied by the manufacturer of electric cars and, at the same time, one of the largest holders of Bitcoin – Tesla with a market capitalization of $1.107 trillion. For its securities, November became the best month since January 2023. Over the past month, Tesla shares have risen in price by more than 38% (37.27% occurred after Trump was elected president). The current rally is not surprising, since Elon Musk was one of the main protagonists of Trump’s election team.
Source: tradingview.com
Conclusion
The election of Donald Trump as president, the reduction of the key rate and the rise in the value of Bitcoin certainly had a positive impact on the shares of crypto companies – they all rose. What’s interesting is that absolutely everywhere growth began with a gap upward.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
