Coinbase shares soar 31% as pro-crypto candidates win

Coinbase’s shares rose by 31% after Tuesday’s general election in the United States, benefiting the crypto sector.

CEO Brian Armstrong, owning over 10% of Coinbase shares, saw a US$2.1 billion increase in value.

In this election cycle, Coinbase financially backed crypto-friendly political candidates, focusing on non-presidential races.

Armstrong and others highlighted the need for clearer regulations in the cryptocurrency industry.

Recent Coinbase developments

Timeline
07-Nov-2024 🇸🇬 Coinbase boosts Singapore blockchain with engineer training Coinbase opens hub in Singapore for engineers. Focus on blockchain training and fintech applications.
15-Mar-2023 🇸🇬 Coinbase adds support for direct bank transfers in Singapore Coinbase allows free fund transfers in Singapore. Partnership with Standard Chartered enhances payment options.
28-Feb-2023 🚫 Coinbase to halt Binance USD trades Coinbase ends BUSD trading support March 13. Move follows review of assets not meeting standards.
19-Jan-2023 📉 Coinbase to halt operations in Japan amid crypto slump Coinbase halts operations in Japan due to market issues. Customers can withdraw funds until February 16.
11-Jan-2023 📉 Coinbase to let go of 950 staff amid efforts to reduce costs Coinbase lays off 950 staff to cut expenses. CEO cites industry fallout as driving force.

Stay ahead in Asia’s tech landscape

You've reached your 2 free content limit for the month. Sign up for free to read the full story.

🏄 For casual readers / 👶 Free

Basic

US$0

Free forever

Get instant access to this article and more every month

0 premium content

Unlimited news briefs

5 articles

Ad-free reading experience

Just US$0 per day

⌛Sign up in 20s. No payment details needed.

📖 For learners / 👍 Starter

Lite

US$4.92/month

Billed annually at US$59/year

Get instant access to this article and more every month

4 premium content

Unlimited news briefs & articles

Ad-free reading experience

Just US$0.17 per day

Cancel anytime

Our subscriber community includes professionals from these companies: