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Digital Asset Treasuries Lead Crypto Stock Sell-Off as Bitcoin Falls to $84K
Strategy fell to the lowest since October, 2024, and ether and solana treasury plays including BitMine, Sharplink, Solana Company, Upexi tumbled nearly 10%.
Dec 1, 2025, 3:58 p.m.
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What to know:
- Crypto-related stocks fell Monday as BTC dropped to $84,000.
- Digital asset treasuries led declines, with NAKA, MTPLF, BMNR, SBET, DFDV, HSDT dropping over 10%.
- Bank of Japan interest-rate hike signals added to pressure on risk assets, analysts said.
Crypto-related stocks started December lower as bitcoin tumbled toward $84,000 during U.S. morning hours.
Shares of Coinbase (COIN), Gemini (GEMI) and Galaxy Digital (GLXY) declined nearly 6%. Crypto mining stocks were also hit, with MARA Holdings (MARA), Riot Platforms (RIOT) and Hive Digital (HIVE) falling 7%-9%.
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Bitcoin treasury play Strategy (MSTR) slid 11% to its lowest level since October 2024 after revealing a new $1.44 billion cash reserve and slashing its 2025 profit outlook.
Other crypto treasury bets also slumped. American depositary receipts of Metaplanet (MTPLF), a Japan-listed corporate BTC holder, declined 10%, while KindlyMD (NAKA) fell 9.9% and American Bitcoin (ABTC) lost 6.7%. Ether-focused BitMine (BMNR) and SharpLink Gaming (SBET) slumped more than 10%, while Solana-centric companies DeFi Development (DFDV) and Solana Company (HSDT) also suffered double-digit losses.
The Nasdaq, meanwhile, dropped almost 1% in the early minutes of the session, and the S&P 500 Index fell 0.3%.
The sector-wide pullback came amid renewed interest-rate hike signals from the Bank of Japan, catching many traders flat-footed, said Paul Howard, senior director at trading firm Wincent.
"The potential rate hike news from BoJ took many in the markets by surprise and led to a pulldown in risk assets generally overnight," Howard said in a Telegram message. "Cryptocurrency continues to be the risk-on asset class and a bellwether of macro-economic events 24/7."
Read more: Bitcoin, Ether, XRP Slide as December Begins With 'Yearn Incident'
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