Crypto-Related Stocks Jump as Much as 13% in U.S. Midterm Election Session

Key Facts

Shares of cryptocurrency-related companies jumped between 5% and 13% by late Tuesday morning, November 3, as bitcoin rose 0.3% over 24 hours, according to a report published by BeInCrypto. The gains included Coinbase, Strategy, Riot Platforms and MARA Holdings, with the session coinciding with the U.S. midterm elections. Shortly before 11 a.m. Eastern time, Riot led the gains, rising 13.3%, followed by Coinbase at 8.6%, MARA at 7.6% and Strategy at 5.4%. The report said the stocks are tied to bitcoin, but their gains outpaced the cryptocurrency's rise over the same period. The four stocks thus rebounded after recent losses, while EL7 data also showed their closing prices rose compared with the previous session.

The rally was partly limited by the recovery of some losses from the previous two sessions, during which the four stocks fell between 8% and 14%, the report said. Tuesday's rebound followed a two-day selloff and coincided with a recovery in technology stocks, according to the report. The Nasdaq Composite also rose about 1% in the session, after losing 3.9% over the previous two sessions. The report cited three developments that coincided with the gains, including the stocks' rebound from the selloff and the recovery in the technology sector. It also noted an announcement concerning the U.S. Commodity Futures Trading Commission's approval of Coinbase perpetual equity futures, alongside the two market factors.

At the November 3 close, Coinbase shares stood at $145.45, compared with $137.83 in the previous session, according to EL7 data. MARA closed at $7.16, compared with $6.43 on November 2. Strategy, listed under the ticker MSTR, closed at $135.63, up from $130.76 in the previous session. Riot, listed under the ticker RIOT, closed at $14.02, compared with $11.84. These prices reflect the session close, while the gains reported were recorded before 11 a.m. Eastern time.

The rebound followed a sharp decline in Coinbase; the Associated Press said the stock fell 10.6% on the day covered in its report published on October 30, despite the company reporting quarterly results that topped analysts' expectations. In a separate report, Binance said the estimated total impact of a security incident was about $6.3 billion, and that it had frozen about $3 billion in affected assets on-chain as of the report published on October 29. Coinbase had announced net income of $719 million in the third quarter of 2026 and a 10.7% share of cryptocurrency trading volume. The company released its quarterly results on October 29 after the market closed, according to its investor relations announcement. These figures provide context for the company's performance and market events preceding Tuesday's session.

The stock moves on election day come amid heavy political activity by the industry; Reuters estimated that cryptocurrency-sector spending reached about $176 million across more than 100 election races in the 2026 cycle as of October 27. As of October 20, Fairshake and its affiliated committees had spent about $150.8 million, while other industry-linked groups had spent about $25 million, according to Reuters' review of campaign finance disclosures. Fairshake said 53 of the 58 candidates it backed in primaries or special elections during the year won, and were on the November 3 ballot. Industry-linked spending also exceeded $68 million in the Ohio Senate race, according to AdImpact data cited by Reuters. Colin McLaren, head of government relations at the Solana Policy Institute, described the spending as "an investment in the future."

The current political campaign builds on a major spending precedent; Fairshake spent about $196 million during the 2024 election cycle and again led the industry's strategy in the 2026 cycle, according to Reuters. The cryptocurrency industry also spent more than $130 million in 2024 congressional races, according to the Associated Press. On the legislative front, the Clarity bill, which aims to place cryptocurrency oversight with the Commodity Futures Trading Commission, stalled during the current congressional cycle, according to a Reuters report. The Senate had halted progress on a regulatory framework bill in a procedural vote of 49 to 50 on September 15, 2026, according to the Associated Press. The agency said neither chamber was scheduled to meet during October and before the elections, and that the balance of power could shift in November; the bill could face greater difficulty next year if Democrats win control of one or more chambers, according to Reuters.