Crypto shares surge after Trump’s remarks

Shares of New York-listed cryptocurrency firms gained on Monday after Republican presidential candidate Donald Trump talked up bitcoin and promised friendlier regulation for the industry.

Crypto exchange Coinbase’s shares climbed 3%, while miners Bitfarms, Riot Platforms and CleanSpark were up between 4% and 5%.

Trump has projected himself as the pro-bitcoin candidate ahead of the election in November. The former president’s return could be a huge win for the industry, which has often complained of excessive oversight and a hostile regulatory environment under President Joe Biden.

“Any ‘Trump trade’ into US election should include greater allocation to bitcoin and bitcoin-linked stocks,” Bernstein analysts wrote in a note.

Crypto has rapidly moved from the fringes of the financial world to the mainstream, helped by institutional investors’ backing and the approval of exchange-traded funds tied to spot price of bitcoin and ether.