Digital Asset Treasury Stocks Drive Crypto Sell-Off as Bitcoin Drops to $84K

Crypto Stocks Slide as Bitcoin Approaches $84K Amid Macro Headwinds

Crypto-related stocks opened December on a weaker note, following a drop in bitcoin toward $84,000 during U.S. morning trading.

Shares of major crypto exchanges were down nearly 6%, including Coinbase (COIN), Gemini (GEMI), and Galaxy Digital (GLXY). Crypto mining firms also fell sharply, with MARA Holdings (MARA), Riot Platforms (RIOT), and Hive Digital (HIVE) declining 7%–9%.

Bitcoin treasury play Strategy (MSTR) dropped 11% to its lowest level since October 2024 after announcing a $1.44 billion cash reserve and revising its 2025 profit outlook downward. Other crypto treasury stocks also suffered losses: Metaplanet (MTPLF) ADRs fell 10%, KindlyMD (NAKA) lost 9.9%, and American Bitcoin (ABTC) declined 6.7%. Ether-focused BitMine (BMNR) and SharpLink Gaming (SBET) slumped more than 10%, while Solana-related firms DeFi Development (DFDV) and Solana Company (HSDT) also posted double-digit losses.

Broader markets were weaker as well, with the Nasdaq down nearly 1% in early trading and the S&P 500 falling 0.3%.

Analysts attributed part of the sector-wide pullback to renewed signals of potential interest-rate hikes from the Bank of Japan. Paul Howard, senior director at trading firm Wincent, noted, “The potential rate hike news from BoJ took many in the markets by surprise and led to a pulldown in risk assets generally overnight. Cryptocurrency continues to be the risk-on asset class and a bellwether of macroeconomic events 24/7.”

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