Shares of Coinbase surged over 15% following former President Donald Trump’s public support for cryptocurrency legislation in a social media post. Trump criticized banks for undermining digital asset innovation and called for a favorable deal with the crypto industry. The announcement boosted multiple crypto-related stocks and Bitcoin’s price, with Cathie Wood’s ARK Invest also increasing its stake in Coinbase by purchasing shares worth approximately $4.1 million.
Shares in Coinbase (COIN) stock surged by more than 15% on Wednesday following a public statement from former U.S. President Donald Trump. In his social media post, Trump signaled support for digital asset market structure while criticizing the banking sector’s opposition.
“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump stated. “They need to make a good deal with the Crypto Industry because that’s what’s in the best interest of the American People.”
Other digital asset firms saw significant gains due to this political momentum. Stocks for Strategy and Circle jumped approximately 9% and 6% respectively on the same day.
Coinbase CEO Brian Armstrong recently highlighted the sector’s fundamental strength. He responded to an interview on X by stating, “The foundations for crypto have never been stronger.”
Institutional interest was further demonstrated by recent purchases from Cathie Wood’s ARK Invest. The firm increased its exposure to crypto-linked equities by acquiring over $16 million worth of shares in Coinbase Global Inc. and Robinhood Markets Inc.
According to the firm’s trading disclosures, ARK specifically bought 22,452 shares of Coinbase. This purchase was valued at approximately $4.1 million based on that day’s closing price.
