Shares in Coinbase (COIN) stock surged on Wednesday after U.S. President Donald Trump signaled support for the digital asset market structure bill. Crypto-related stocks all got a boost thanks to the growing momentum, with Bitcoin price also rallying by almost double digits.
“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump said late Tuesday in his social media post. “They need to make a good deal with the Crypto Industry because that’s what’s in the best interest of the American People.” Coinbase was last up more than 15%. Other digital asset firms such as Strategy and Circle jumped 9% and 6%, respectively.
In addition, Coinbase CEO Brian Armstrong recently highlighted the strength of the crypto business, citing stability in ETF investments and ongoing Wall Street interest despite Bitcoin’s recent volatility. “The foundations for crypto have never been stronger,” Armstrong said on X on Wednesday, responding to a recent interview with Coinbase’s head of strategy, John D’Agostino.
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Furthermore, Cathie Wood’s ARK Invest recently increased her exposure to crypto-linked equities. Her firm, ARK Invest, has purchased more than $16 million in shares of Coinbase Global Inc. (NASDAQ: COIN) and Robinhood Markets Inc. According to the firm’s latest trading disclosures, ARK acquired 22,452 shares of Coinbase, valued at approximately $4.09 million based on the day’s closing price.
That endorsement from Wood’s firm was a solid catalyst for COIN stock to rally as well. With shares trading near the bottom of their 52-week range and below its 200-day simple moving average, Coinbase may have bottomed out and is ready to rebound.