The value of cryptocurrency stocks is witnessing a notable drop, mirroring the broader decline in Bitcoin and altcoins.
Coinbase, the leading cryptocurrency exchange in the United States, has seen its share price tumble from nearly $350 in November to $190. This decline has slashed its market capitalization from $86 billion to $48 billion, leading to a staggering $38 billion loss.
Michael Saylor’s tactics have resulted in a loss of billions in market value as well. Its market cap has dropped from a peak of $106 billion last year to $79 billion today. The firm, which was formerly known as MicroStrategy, continues to bolster its Bitcoin assets, now holding a total of 499,226 Bitcoins.
Robinhood’s stock price has decreased from $66.85 earlier this year to $45, wiping out $18 billion in market value. Although Robinhood is mainly known for retail trading, it has become a significant player in the cryptocurrency sphere. The company is set to further its influence in this space with its planned acquisition of BitStamp later this year.
Bitcoin (BTC) mining operations have also faced challenges as the declining BTC price squeezes profit margins. Marathon Holdings, previously known as Marathon Digital, has seen its valuation decrease by over $4.6 billion. Other similar companies, such as Riot Blockchain, Core Scientific, CleanSpark, Hut 8 Mining, and TeraWulf, have similarly incurred substantial losses.
Bitcoin and altcoin pricing trends
The downturn in cryptocurrency stocks is closely tied to the persistent decline in Bitcoin and other altcoin values. According to data from CoinMarketCap, the combined market capitalization of all cryptocurrencies has dropped from over $3.7 trillion in 2024 to $2.7 trillion today.
Bitcoin’s price has fallen from $109,300 in January to $85,000 at the latest tally, with many altcoins suffering even more. For example, Solana meme coins have seen a loss exceeding $18 billion as their total market cap continues to decrease.
Despite commitments from the Trump administration to provide robust support for the sector through initiatives like a Strategic Bitcoin Reserve, both cryptocurrency prices and stocks have continued to decline.
The Securities and Exchange Commission has also enacted various positive policies and resolved most lawsuits affecting the industry, including those involving Coinbase, Ripple Labs, and Kraken.
The potential recovery of these cryptocurrency stocks remains unclear. Analysts have varying views on the future of the cryptocurrency sector. While some experts foresee a rebound in Bitcoin’s price—with Standard Chartered predicting it could eventually reach $500,000—others express skepticism.
Ki Young Ju, founder of CryptoQuant, posits that the crypto bull market may be over, citing bearish indicators across the board.
