Crypto stocks have fallen as much as 12.54% in Oct. 30 trading, with Coinbase leading the losses following its quarterly earnings release and Binance’s $6.3 billion security breach.
Summary
- Coinbase fell 12.54%, while Riot, Hut 8 and Robinhood lost more than 8% each.
- Strategy recovered from its session low but remained down 6.23% at $132.80.
- Coinbase reported a 44% annual drop in transaction revenue despite returning to a quarterly profit.
- Binance has pledged company funds to replace stolen assets, with purchases underway across exchanges and OTC desks.
Market data at around 11:25 a.m. EDT on Oct. 30 showed losses across Coinbase, Strategy, Robinhood, BitMine and five mining companies, although several stocks had recovered from their session lows. Declines ranged from 4.89% for BitMine Immersion Technologies to 12.54% for Coinbase.
Coinbase traded at $140.46, down $20.13 from its previous close. Earlier in the session, shares touched $136.93 before recovering some ground. The stock opened at $147.43 and reached an intraday high of $153.60.
Selling reached mining companies, trading platforms and corporate cryptocurrency holders. Across the nine stocks, the simple average decline was approximately 7.48%, calculated by giving each company equal weight.
Crypto stocks fall across miners and trading platforms
Riot Platforms fell 8.70% to $12.545, while Hut 8 lost 8.51% to $60.785. Robinhood traded at $84.17, down 8.10%, after touching $82.37 earlier in the session.
IREN declined 6.86% to $24.45, followed by MARA, which fell 6.49% to $6.70. CleanSpark was down 5% at $7.79, while BitMine lost 4.89% to $20.60.
MARA recovered to $6.70 after falling to $6.485 earlier in the session. CleanSpark rose from its session low of $7.505 to $7.79, while BitMine recovered from $19.77 to $20.60.
US stock benchmarks were falling at the same time. The Invesco QQQ Trust, which tracks the Nasdaq-100, lost 2.83% to $695.08. The SPDR S&P 500 ETF Trust was down 1.36% at $758.87.
Every crypto stock in the checked group posted a larger percentage decline than either fund. Coinbase’s loss exceeded QQQ’s by approximately 9.71 percentage points, while Riot’s decline was 5.87 percentage points larger.
Bitcoin traded near $77,454 in a subsequent market snapshot, with a displayed daily decline of 5% and a session low of $76,460. Stock returns were measured against the previous equity-market close, while Bitcoin trades continuously.
Coinbase’s session low was approximately 14.7% below its previous close of $160.59. Strategy’s $124.34 low represented a decline of roughly 12.2% from its $141.62 previous close, before the stock recovered to its later quote. Both calculations use the same previous-close reference as the daily stock returns.
Coinbase earnings show weaker trading revenue
Coinbase’s earnings presentation supplied a separate company-specific development alongside the exchange-security news. Third-quarter transaction revenue totaled $590.2 million, down 44% from a year earlier and 1% from the previous quarter.
Total revenue came to $1.216 billion, a 35% annual decline. Net income reached $718.7 million, compared with a $359.5 million loss in the second quarter, while adjusted EBITDA totaled $332.9 million.
Consumer transaction revenue was $450 million. Coinbase reported quarterly declines of 9% in consumer spot trading volume and 6% in consumer derivatives volume, with prediction-market growth cushioning the revenue impact.
Institutional transaction revenue fell 8% from the previous quarter to $92 million. Subscription and services revenue reached $570.2 million, up 3% quarter over quarter but down 20% annually.
Binance commits reserves to replace stolen tokens
Binance’s recovery effort was underway during the stock sell-off. As crypto.news previously reported, the Oct. 29 security breach affected an estimated $6.3 billion, according to the exchange, which pledged to cover customer losses.
In its Oct. 30 update, Binance said it had reserved more than $6.34 billion of company funds, including $5 billion already held in the affected cryptocurrencies. The company reported roughly $3 billion frozen through industry cooperation, separate from its committed reserves.
Binance has begun buying back stolen altcoins through exchanges and over-the-counter desks. Co-founder Yi He said its available holdings included Bitcoin and Ethereum, although the company did not disclose how much of either asset it would sell.
Some replacement purchases could take longer because of limited token liquidity and OTC settlement, according to the company.
Strategy rebounds from its morning low
Strategy traded at $132.80, down 6.23%, after falling to $124.34. Its latest price stood approximately 6.8% above that session low, calculated from the checked quotes.
The company’s Oct. 26 filing reported 848,517 BTC acquired for $64.02 billion, including fees. Strategy made no Bitcoin purchases or sales during the week ended Oct. 25.
During that period, it repurchased STRC preferred shares for $204.9 million, buying 2,068,459 shares. The filing listed a $4.83 billion designated dollar reserve and $242.4 million in USD Cash after the transactions.
Strategy reported no share sales through its at-the-market offering program during the week. Its preferred-stock repurchase authorization had $956.8 million remaining, while a separate $1 billion authorization remained available for MSTR common shares. The company reported no common-stock repurchases during the period covered by the Oct. 26 disclosure.
