MW Coinbase's bonds have soared since Trump's election victory

By James Rogers

It's not just Coinbase's stock that soared following Donald Trump's election victory

It's not just Coinbase Global Inc.'s stock that has soared following Donald Trump's election victory. A Coinbase convertible bond has mirrored the crypto-trading portal's postelection stock surge, according to the latest data from data-solutions provider BondCliQ Inc.

Coinbase's $(COIN)$ 0.25% bond, which matures April 1, 2030, flew higher following Trump's election victory in November, as the following chart shows. After a pullback earlier this year, the bond's price has rallied in recent weeks.

Coinbase, like Robinhood Markets Inc. (HOOD) and Strategy Inc. $(MSTR.AU)$, is expected to be a beneficiary of a crypto-friendly Trump administration. Shares of Coinbase have risen 39.5% since Nov. 5, 2024, and have climbed 92.8% in the past 12 months.

As the following chart shows, there has also been net buying in Coinbase's four bonds since the start of 2025.

Trump has vowed to build a strategic bitcoin reserve and to turn the U.S. into "crypto capital of the internet" and the "bitcoin superpower of the world." His executive order on cryptocurrencies, signed shortly after he assumed office, was cheered by crypto bulls.

Coinbase is one of a group of stocks dubbed the "MAGA Seven" by MarketWatch. These stocks, which include Robinhood, Strategy, Tesla Inc. $(TSLA)$, AppLovin Corp. (APP), Ubiquiti Inc. $(UI)$, and Williams-Sonoma Inc. (WSM), all racked up significant gains following the presidential election. Some of the stocks, such as Coinbase, Robinhood, Strategy and Tesla could be described as "Trump trades," while AppLovin, Ubiquity, and Williams-Sonoma, rode a bull-market wave.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 11, 2025 22:08 ET (03:08 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.