The selloff broadly weighed on crypto-linked stocks, although the steep decline in Strategy shares stood out given the company’s position as the largest corporate holder of bitcoin. With roughly 713,000 bitcoin acquired at an average price of almost $76,000, the drop to $72,000 leaves the company facing significant unrealized losses on its coffers.
At current prices, this position implies an unrealized loss of approximately $2.9 billion. Shares of Strategy fell about 9% that day, falling to about $121.9, a level last seen in September 2024.
Coinbase fell about 8%, while Robinhood fell about 10% as investors reduced exposure to crypto-sensitive names. Mining stocks were among the hardest hit, with Cipher Mining down about 21%, Iren down about 18% and Hut 8 down about 14%.
Marathon Digital and Riot Platforms each fell about 11%. Ethereum treasury-focused companies also came under pressure, with BitMine down about 10% and SharpLink Gaming down about 8%.
The broader crypto market continued to weaken, with the total market capitalization falling by around 3% to around $2.5 trillion. Ether traded around $2,100, Solana hovered around $90 and XRP fell to around $1.51.
The weakness in digital assets has been accompanied by a pullback in the broader risk markets. The S&P 500 fell about 1%, while the Nasdaq fell almost 2%. Gold fell about 1% and silver fell about 0.3%.
The tension on the market was clearly present derivatives datawith over $120 million in crypto positions liquidated in the last few hours and over $860 million wiped out in the last 24 hours.
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