Share this article
BTC
$83,380.82
-
0.66%ETH
$1,809.17
-
0.30%USDT
$0.9998
+
0.02%XRP
$2.1425
+
0.95%BNB
$591.51
-
0.96%SOL
$119.95
-
0.83%USDC
$1.0002
+
0.02%DOGE
$0.1684
-
1.11%ADA
$0.6502
-
1.73%TRX
$0.2360
-
1.04%LEO
$9.1383
-
0.54%LINK
$12.84
-
0.62%TON
$3.2491
-
1.67%XLM
$0.2527
-
2.69%SHIB
$0.0₄1233
-
0.06%AVAX
$17.47
-
3.94%SUI
$2.1971
-
2.30%HBAR
$0.1613
-
1.16%LTC
$82.58
-
2.54%OM
$6.2418
-
0.06%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Proxy Stocks Tumble as BTC Tanks
Crash in the leading cryptocurrency hitting related companies.
Stocks of publicly traded companies tied closely to the fate of bitcoin are following the leading cryptocurrency into a sea of red Wednesday.
STORY CONTINUES BELOW
- With BTC down roughly 20% in the last 24 hours, leading bitcoin proxy stocks have followed suit.
- MicroStrategy, the business intelligence firm with billions in bitcoin reserves, is down 10% to $435 in the last 24 hours.
- Square, the owner of Cash App and another holder of bitcoin reserves, is down 3% to $197.
- Coinbase, the leading crypto exchange in the U.S., is down 7% and flirting with all-time lows at $222.
- Even furniture maker Ethan Allen, the shares of which have benefited from the rise in ether due to the company's stock ticker being ETH, may now be paying the price for that association today, falling 5% to $27.
- The Bitwise Crypto Industry Innovators ETF, which tracks 30 prominent publicly listed crypto firms, is down 9.3% at press time.
Read more: Crypto Market Loses $460B as Ether, Altcoins Follow Bitcoin’s Deep Dive
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
