MSTR, COIN, RIOT and other crypto stocks down as Bitcoin dips

MSTR, COIN, RIOT and other crypto stocks down as Bitcoin dips

By Benson Toti - min read
  • MicroStrategy stock was down 10% on Tuesday, while Coinbase and other crypto stocks also dumped.
  • Bitcoin price traded to lows of $60,600 before seeing a slight recovery.

MicroStrategy, Coinbase, Riot Platforms and Marathon Digital stocks are among crypto-related stocks seeing downside pressure amid Bitcoin’s price struggles.

MicroStrategy stock dumps 10%

Coinbase’s COIN was down 3% in early trading on Tuesday, hovering around $211.74 while MicroStrategy’s MSTR stock had dumped over 10% to $1,152. The share price of the Michael Saylor led company has declined more than 29% in the past 30 days.

Today’s double-digit dump for the MicroStrategy stock price comes a day after the company reported a net loss in Q1.

Despite the impairment loss, the BTC buying software intelligence firm reported adding more coins to its holdings. That includes the 122 BTC the company acquired for $7.8 million in April to bring its total haul to 214,400 BTC.

As BTC struggles, mining stocks see red

Bitcoin price has struggled since its recent halving and traded near $60k on Tuesday.

The declines came as spot ETF volumes fell, with Hong Kong’s debut of its spot BTC and spot ETH exchange-traded funds seeing volumes and assets that were much lower than anticipated in the days leading to their launch.

Read more here: BTC slips amid tough debut for Hong Kong spot ETFs

Crypto stocks that surged in the pre-halving rally are also seeing a retreat. BTC mining stocks Marathon Digital (MARA), Riot Platforms (RIOT) and Bitfarms (BITF) are all down between 4% and 6% in Tuesday trading.

Hut 8 Corp (HUT) and HIVE Digital (HIVE) are also down today, with their stock prices shedding 4% each. Elsewhere, Bitcoin mining machine maker Ebang International (EBON) was just in the green at +1%, while its competitor Canaan Inc (CAN) traded at -6%.