Cryptocurrency-focused MicroStrategy Incorporated (MSTR), online brokerage Robinhood (HOOD), and cryptocurrency exchange Coinbase (COIN) declined as Bitcoin’s sharp drop weighed on sentiment. As of 1:10 p.m. local time on the 27th, MicroStrategy was down 5.19% at $125.03, Robinhood fell 4.55% to $67.15, and Coinbase dropped 6.23% to $162.59.
Bitcoin slipped more than 3%, broadening selling pressure across crypto-related stocks. MicroStrategy, which holds a substantial Bitcoin position, saw its shares slide further as concerns over asset value resurfaced. Robinhood and Coinbase—whose revenue largely depends on trading fees—faced weaker trading activity, weighing on volumes.
The morning session remained weak for these names, and by the afternoon session there were few signs of a rebound. Investors noted that crypto price volatility can amplify the volatility of related equities.
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