MicroStrategy (MSTR) Plummets 22% As Crypto Stocks Suffer During Market Crash

Crypto stocks tanked at Monday’s U.S. market open following a disastrous crypto market crash late Sunday.

Shares in MicroStrategy (MSTR), the world’s largest corporate owner of Bitcoin, now trade for $1,212 – 16% down from Friday’s close.

• Meanwhile, Coinbase (COIN) – the largest and only publicly traded cryptocurrency exchange in the United States – trades at $181, down 11% since Friday.
• As for Bitcoin mining firms, the Valkyrie Bitcoin Miners ETF (WGMI) sank by 10.8% since Friday to $16.50 per share.
• CleanSpark (CLSK), one of the best-performing mining stocks this year, now trades for $11.29, meaning its shares are up just 3.77% since January 1.
• Some of the worst hit stocks are MicroStrategy ‘copycats’ – firms that have grown popular as BTC proxies after making Bitcoin a reserve asset on their balance sheet.
• DeFi Technologies (DEFTF), the Canadian fintech firm, is down 24% from Friday’s close to just $1.14. Metaplanet, which has described itself as the ‘MicroStrategy of Japan,’is down to 670 JPY from 820 JPY last week.
• Though all such stocks have undoubtedly dropped, they all mildly recovered from their immediate opening prices as crypto experienced a mild recovery at the time.
• Both Bitcoin (BTC) and Ethereum (ETH) have risen 6.8% over the past hour to $53,000 and $2,370 respectively.