Shares of the iShares Bitcoin Trust ETF (NASDAQ: IBIT) rallied 38.8% during November, according to data from S&P Global Market Intelligence .

The exchange-traded fund (ETF) closely tracks the price of Bitcoin (CRYPTO: BTC) , allowing investors to gain exposure to the cryptocurrency on major brokerage platforms without having to purchase it directly on a crypto exchange.

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Bitcoin has rallied big time in the wake of Donald Trump's election on Nov. 5, so this Bitcoin ETF followed suit.

Trump became a crypto enthusiast this year

Although incoming President Trump lambasted Bitcoin and its legitimacy back when he was in office in 2019, he appeared to change his mind on the cryptocurrency earlier this year.

Whether the change of heart was genuine or based on winning key demographic groups ahead of the 2024 presidential election is unclear. However, Trump's rhetoric clearly became more pro-crypto this summer, while the industry had maintained a negative opinion of the Biden administration's more heavy-handed regulatory approach, particularly related to SEC Chairman Gary Gensler.

This summer, Trump appeared at a crypto conference, where he promised to make the United States the "crypto capital of the planet," while also announcing his support for the U.S. government buying a strategic reserve of Bitcoin. One of the big arguments for Bitcoin is that it would be a store of value, should the value of other currencies plummet due to inflation or geopolitical disaster.

With the industry deeming Trump the more crypto-friendly candidate, it's no surprise the price of Bitcoin surged following his election, recently clearing the $100,000 price level.

Recent moves by the incoming administration

While the price of Bitcoin surged immediately following the election, the incoming Trump administration has also made some crypto-related announcements in recent days. In late November, Trump announced he would create a crypto advisory council, which will be made up of industry executives to suggest how to shape industry regulations.

Then on Thursday, Trump announced he was appointing venture capitalist and former PayPal COO David Sacks as, "White House AI & Crypto Czar," which would be a new position created by the administration. On social media, Trump wrote that Sacks, who was a large donor to Trump, "will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S."