Digital Asset Treasuries Lead Crypto Stock Sell-Off as Bitcoin Falls to $84K

Bitcoin, Ether, Solana Treasuries Lead Crypto Stock Slump; NAKA, MTPLF, HSDT Slide Over 10%

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Strategy fell to the lowest since October, 2024, and ether and solana treasury plays including BitMine, Sharplink, Solana Company, Upexi tumbled nearly 10%.

By Krisztian Sandor|Edited by Sheldon Reback

Dec 1, 2025, 3:58 p.m.

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 BTC$84,184.25 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%.

STORY CONTINUES BELOW

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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.”

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By Will Canny, AI Boost|Edited by Sheldon Reback

2 hours ago

The broker said fears over Strategy’s solvency are misplaced and the stock remains the strongest asymmetric bet on bitcoin.

What to know:

Benchmark said Strategy’s share-price pullback has revived an unfounded doom narrative that ignores its bitcoin reserves and capital structure.
The broker argued that MSTR’s perpetual preferred stock and low-cost convertibles give it unmatched bitcoin leverage with limited solvency risk.
Analyst Mark Palmer reiterated his buy rating on the stock and $705 price target.

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