Shares of cryptocurrency exchange Coinbase Inc. (COIN) surged more than 20% on Nov. 11, pushing the stock past $300 for the first time since 2021.

United States crypto stocks are seeing massive gains after Donald Trump’s victory in the presidential election, as many believe his win will benefit the industry, Cointelegraph Research said.

“We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC, with the firm actively fighting the agency in court,” Michale Miller, an equities researcher at Morningstar Inc., said in a Nov. 7 research note.

“With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry, the firm’s staking business will face less regulatory pressure,” Miller said.

“Less directly, a more permissive approach to cryptocurrency will likely provide a tailwind to cryptocurrency prices.”

Source: Google Finance

“Crypto got the full-throated support of the winning presidential candidate,” Coinbase’s CEO, Brian Armstrong, said in a Nov. 6 article on the X platform.

“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry,” Armstrong said, adding “