Crypto stocks slide as Coinbase earnings and Binance breach weigh on market

The market downturn extended well beyond Coinbase, with Riot Platforms, Hut 8, and Robinhood each recording losses exceeding 8%. Across the nine stocks monitored during the session, the simple average decline reached 7.48%. While some assets pared their losses later in the day, the broader sector struggled to keep pace with traditional equity benchmarks, as the Invesco QQQ Trust and SPDR S&P 500 ETF reported more moderate declines.

Coinbase’s performance was hampered by a 44% annual drop in transaction revenue, which fell to $590.2 million despite the company returning to a quarterly profit of $718.7 million. Simultaneously, Binance moved to stabilize market sentiment by pledging $6.34 billion in company reserves to replace stolen assets. Co-founder Yi He confirmed that the exchange has initiated buybacks across exchanges and over-the-counter desks to recover the lost tokens, though limited liquidity in certain assets may prolong the restoration process. Meanwhile, MicroStrategy remained volatile, trading down 6.23% at $132.80 after recovering from an intraday low of $124.34.