Crypto Stocks Slide as Binance Hack Hits Coinbase, Circle and Strategy Shares

Shares of publicly traded crypto companies dropped sharply on Friday, a day after the $6.3 billion Binance breach, the largest theft in crypto history. Coinbase fell more than 16%, a day after it reported lower third quarter revenue. Stablecoin issuer Circle slid over 9%, and bitcoin treasury company Strategy lost about 8%.

Which Crypto Companies Took the Hit

The selloff spread beyond the biggest names. Bitcoin miner and data center operator IREN dropped more than 13%, while blockchain based financial services firm Figure Technology Solutions fell about 9%. Investors appeared to be reacting to the broader shock from the hack, which Binance confirmed on Friday and which is being worked on with the FBI to recover stolen assets.

Strategy Q3 Results and CFO Exit

Strategy reported net income of $19.53 billion, driven mostly by a $20.91 billion gain in the value of its bitcoin holdings. Revenue slipped 3% from a year earlier to $125.4 million. The company also announced that CFO Andrew Kang will step down on Nov. 5.