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Robinhood Markets (Nasdaq: HOOD) stock spiked 7% in Monday’s premarket hours, topping $32 as traders bid up the Bitcoin (BTC-USD) price.

The investment platform, which is highly popular among crypto traders, benefited hugely as markets continued to react to Donald Trump’s election win. Notably, the price of Bitcoin exceeded $82,000 for the first time on Monday morning.

Moreover, buzz has been circulating about Robinhood’s top lawyer, Dan Gallagher, potentially succeeding Gary Gensler as chair of the Securities and Exchange Commission (SEC).

Gallagher served as SEC commissioner from 2011 and 2015, during the Obama administration. Gensler’s term as current SEC chair is set to last until 2026, but he previously stated that he would resign if Trump won the presidential election.

The friction between Trump and Gensler is well documented. “On day one, I will fire Gary Gensler,” the President-Elect vowed during the annual Bitcoin conference in Tennessee earlier this year.

“Never sell your Bitcoin”, Trump urged attendees during the conference speech, going on to propose a “national crypto stockpile”.

Analysis: Bitcoin-bullish sentiment and speculation fuel HOOD stock

Last week’s 25-basis-point interest-rate cut may have contributed to the risk-on feelings dominating Wall Street and, by extension, the current crypto markets. Yet, in all likelihood, the prevailing news story in cryptocurrency is the anticipation of a Bitcoin-bullish four years under Trump.

It remains to be seen whether Trump will establish a national strategic cryptocurrency stockpile and make the U.S. the “crypto capital of the planet and the Bitcoin superpower of the world.” It’s also not yet known whether Trump will appoint Gallagher as SEC chair.

Nonetheless, since Robinhood is a high-volume cryptocurrency-trading platform, HOOD stock appears to be in the “buy the rumor” at the moment. Investors should stay tuned for further developments as Trump narrows down his short list of candidates to head the SEC.

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