MSTR, BMNR, COIN, CRCL Stocks Slide After Bitcoin Falls Below $63K

Shares of Michael Saylor-backed Strategy (MSTR), Bitmine Immersion Technologies (BMNR), Circle (CRCL), Coinbase (COIN) and other large-cap crypto-linked equities tumbled in morning trade on Friday after Bitcoin’s (BTC) price fell below $63,000. and  were the hardest hit, down nearly 5% in morning trade. Meanwhile, Tom Lee-backed  dropped by over 4% and COIN stock fell around 3%. Shares of Robinhood (HOOD), which has been expanding beyond cryptocurrency trading, fell nearly 2%.The sell-off came after Bitcoin’s price dropped 2% in the last 24 hours to around $62,500. The apex cryptocurrency was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around BTC on the platform trended in ‘extremely bearish’ territory over the past day.The broader equity market also tumbled in morning trade, adding pressure on crypto-linked stocks. The SPDR S&P 500 ETF (SPY) fell 0.12%, the SPDR Dow Jones Industrial Average ETF (DIA) slipped 0.18%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.14% lower.Bitcoin's Drop Hits Crypto-Linked StocksCrypto-linked stocks often move in tandem with Bitcoin, particularly companies whose business models or balance sheets have significant exposure to digital assets.Strategy is the largest corporate holder of Bitcoin, and its shares have become a closely watched proxy for the cryptocurrency's price. Circle's business is tied to the broader USDC stablecoin and digital asset ecosystem, while Coinbase remains heavily exposed to cryptocurrency trading activity.Bitmine, meanwhile, is the largest corporate treasury with Ethereum (ETH) on its balance sheet, while Robinhood generates a portion of its revenue from cryptocurrency transactions despite efforts to diversify into other financial products.Why Is Bitcoin’s Price Falling?One factor weighing on crypto sentiment Friday was a delay in a closely watched Securities and Exchange Commission (SEC) regulatory initiative.The SEC had been expected to discuss its first major digital asset rulemaking effort, known as “Regulation Crypto,” at a meeting on Friday. However, the agency canceled the meeting in a statement late Thursday, saying it was moved to “a later date” due to “an unforeseen scheduling issue.”Oil Prices Add To Risk-Off PressureThe crypto selloff also came amid weakness across broader risk assets and a rebound in oil prices. West Texas Intermediate (WTI) crude rebounded Friday following two consecutive sessions of declines, climbing above $82 a barrel and adding to inflation concerns that weighed on risk assets.The United States Oil Fund (USO) edged 0.45% higher in morning trade, with retail sentiment trending in ‘bullish’ territory over the past day.After markets closed Thursday, Treasury Secretary Scott Bessent said the U.S. would apply economic measures against Iran “that have never been seen on Iran.”Meanwhile, U.S. Defense Secretary Pete Hegseth reportedly said Thursday that the U.S. military could maintain its naval blockade of Iran “indefinitely,” with ships rotating in and out of the region.