Bitcoin (BTC-USD)

Bitcoin prices surged over 8% to trade around $74,200 (￡57,422) per token, surpassing its previous record of approximately $73,750 set on 14 March as Donald Trump declared victory in the US elections.

Trump has pledged to make the US the "bitcoin and cryptocurrency capital of the world".

"The price of bitcoin has closely followed Trump’s position in the polls and on betting markets," said Russ Mould at AJ Bell, ahead of the US election. "Investors were potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency."

Read more: FTSE 100 LIVE: European stocks, dollar and bitcoin soar as Donald Trump declares US election victory

"Bitcoin has also rocketed to a record high as crypto fans expect a more supportive regulatory environment," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Other crypto assets have also been seeing significant gains, with ether (ETH-USD) up over 9%.

Trump Media & Technology Group (DJT)

Shares of Trump Media & Technology Group jumped more than 10% in pre-market trading as Trump is set to return to the White House.

This surge in Trump Media’s stock price is set to boost Trump’s wealth by approximately $400m, as he holds a 52.9% stake in the company that owns his Truth Social platform.

Read more: How investors can navigate the US election results

However, the stock experienced significant volatility during the session, with trading halted multiple times. DJT shares closed down slightly by just over 1%, despite a recovery from steeper losses.

The company also released its third-quarter results after the market closed, revealing a net loss of $19.25m for the period ending 30 September. Revenues stood at $1.01m, down marginally from $1.07m in the same quarter of 2023.

Tesla (TSLA)

Tesla shares saw an uptick in pre-market trading as investors looked to capitalise on the prospect of a Trump-led administration benefiting the electric vehicle maker.

Elon Musk, Tesla's top shareholder, has long been a supporter of Trump, and the billionaire has been active in backing the former president’s re-election campaign.

A quarterly filing with the US Securities and Exchange Commission in October, revealed that Musk spent about $75m to support Trump’s bid for re-election between July and September.

Read more: Stocks that are trending today

Trump has promised to appoint Musk as the head of a government efficiency commission. During a late October rally at Madison Square Garden, Musk stated that he could cut $2tn from the federal budget in that role.