Riot Leads Crypto Stock Gains With 13.3% Rise Ahead of November 3 Election
Key Facts
Cryptocurrency company shares posted gains of between 5% and 13% by late Tuesday morning, November 3, with Riot Platforms leading the group, according to a report published by BeInCrypto. Riot shares rose 13.3% shortly before 11 a.m. Eastern time, while Coinbase shares gained 8.6%. MARA Holdings shares rose 7.6% and Strategy shares 5.4% at the same time. The gains came on U.S. Election Day, outpacing Bitcoin's 0.3% rise over 24 hours, as reported by the outlet. The four stocks therefore outperformed the cryptocurrency during the period covered by the report, with the session's gains still falling short of erasing losses from previous days.
The move followed declines of between 8% and 14% in the four stocks over the previous two sessions, according to the same report. The rebound therefore recovered part of their recent losses and, by late morning, had not erased the full drop recorded over those two sessions. Across the broader market, the Nasdaq Composite was up about 1% at the time. The index had lost 3.9% over the previous two sessions, placing gains in crypto stocks within a broader rebound in U.S. equities. Their advance coincided with an election session, but the report did not attribute the gains to any specific election-related factor.
In the context of U.S. regulatory developments, the Commodity Futures Trading Commission announced that perpetual futures on individual stocks could begin trading for the first time on futures markets registered with the commission and also registered with the Securities and Exchange Commission to trade security futures products. The announcement concerns contracts linked to individual stocks, not cryptocurrency contracts. It comes as moves in sector shares intersect with broader debates over the regulation of digital assets and related markets. Reuters said the crypto industry's main legislative goal is passage of the Clarity Act, which would shift oversight of cryptocurrencies to the Commodity Futures Trading Commission. The news agency added that the bill has stalled in the current legislative session and could face greater difficulty next year if Democrats win control of one or both chambers.
Reuters reported that the crypto sector spent about $176 million across more than 100 election races during the 2026 midterm cycle. Fairshake said 53 of the 58 candidates it backed who won primaries or special elections would appear on the November 3 ballot. As of October 20, Fairshake and its affiliated committees had spent about $150.8 million, while other industry groups spent about $25 million during the cycle. These figures place the sector's election activity in the background of Election Day, with its focus on candidates and legislation concerning crypto regulation. The data alone do not establish the impact of the spending or the election outcome on stock trading during Tuesday's session.
Coinbase's results for the quarter ended September 30 offer another view of the backdrop for sector companies. Its net revenue was $1.2 billion, including $590.2 million from trading transactions and $570.2 million from subscriptions and services, while it reported net income of $718.7 million, according to its filing with the U.S. Securities and Exchange Commission. Monthly transacting users totaled 7.4 million in the third quarter, compared with 9.3 million in the same period of 2025. The company attributed the decline primarily to a drop in trading users affected by market conditions. Riot said its third-quarter 2026 earnings call would be held on November 4 at 8:00 a.m. Eastern time, the next near-term event investors are watching after its shares rose in the election session.