Coinbase, Bitcoin Giant Strategy Fall as Binance Hack Rocks Crypto Stocks

Crypto-linked stocks plunged Friday as a multibillion-dollar Binance security breach collided with a broader technology selloff driven by concerns over AI spending. Coinbase dropped more than 12% and Strategy fell 6%, even after both companies reported quarterly profits on Thursday night. Coinbase (COIN) shares fell 12.4% to $140.70 as of this writing, while bitcoin treasury giant Strategy (MSTR) dropped more than 6% to $132.20. The selloff spread across the sector, with Securitize (SECZ) down 8.7%, American Bitcoin (ABTC) falling 9.3%, Bullish 9.2%, Circle 8.3% and Galaxy Digital 8.1%. The rout came as bitcoin briefly fell toward $76,000 Friday morning following a security breach at Binance on Thursday, while renewed anxiety over the cost of the artificial-intelligence boom pressured technology stocks.

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