The price of Bitcoin sank to a fresh 12-month low on Wednesday, dragging cryptocurrency-linked stocks Strategy and Coinbase Global down with it.
Strategy stock and Coinbase stock dropped 7.8% and 4.3%, respectively, on Wednesday. Robinhood Markets also declined 5.2%. For comparison, the S&P 500 moved 0.02% higher and the Dow Jones Industrial Average rose 0.4%.
Shares of Strategy were set to close at their lowest level since Feb. 27, 2024, and is in the midst of a six-day losing streak, falling 28% in that time, according to Dow Jones Market Data.
All three stocks often trade in tandem with Bitcoin: Coinbase is a dedicated crypto exchange, while digital assets drive a significant portion of Robinhood's total transaction-based revenue.
That was the case Wednesday with the three cryptocurrency-related stocks mirroring Bitcoin prices, which fell more than 4% over the past 24 hours to $59,477, according to CoinDesk.
The cryptocurrency is now down around 8% over the past two days and logged a new 52-week intraday low on Wednesday, according to Dow Jones Market Data.
Stocks of Bitcoin miners MARA Holdings and Riot Platforms also suffered Wednesday, falling 5.9% and 4.5%, respectively.
Bitcoin has fallen sharply from the highs it reached in late 2025 -- down 53% from its record intraday high from Oct. 6, 2025 -- most recently driven by macroeconomic headwinds and shifting investor sentiment.
The cryptocurrency is down 19% this month and has declined 32% this year.
The reason for Bitcoin's recent fall comes as investors have rotated out of highflying artificial-intelligence chip stocks, which have pressured Bitcoin and other top cryptos like Ethereum. The semiconductor sector's slide is a sign of wariness with riskier assets in general -- and Bitcoin tends to be at the top of that list.
Some have posited that investors may also be selling assets like Bitcoin to buy SpaceX and to have funds available for the upcoming initial public offerings from Anthropic and OpenAI.
Write to Kit Norton at kit.norton@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 24, 2026 15:13 ET (19:13 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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