Bitcoin-Exposed Stocks Tank Amid Crypto Meltdown

As Bitcoin crashed below $24,000, MicroStrategy (MSTR) fell as much as 26.72% on Monday’s premarket to a 20-month low of $149.

MSTR, which traded at $203.36 on the closing bell on Friday, fell to $147 after the market open, before recovering to $155.50, down 23.53%.

The software manufacturer came under increased pressure due to its stock trading at a discount to the firm’s Bitcoin holdings.

Following the trend, stock in crypto exchange Coinbase stock fell by a hefty 21.5% to $46.06 on premarket, before climbing up to $51.87 at time of going to press, down 11.66%.

Other Bitcoin-adjacent public companies took a beating too, with the shares of mining operators among the worst-hit.

Marathon Digital tumbled 18.17% in premarket, followed by Riot Blockchain and Bit Digital with losses of 14.89% and 14.89%, respectively.

Block Inc. (SQ) dropped 7.35% to $66.59 in premarket and is continuing to slip, trading at $64.29 at the time of writing, down 10.55%.

Shares of Robinhood (HOOD) and PayPal (PYPL) both saw less brutal losses of 7.62% and 5.95%, respectively.