Crypto-Linked Stocks Show Mixed Performance
In overnight trading on Wednesday, crypto-linked stocks showed a mixed performance, with some names attempting to stabilize after a sharp selloff while larger players remained under pressure. Robinhood (HOOD), Bitmine Immersion Technologies (BMNR), and Circle Internet Group (CRCL) all posted modest gains in after-hours trade. However, Coinbase (COIN), MicroStrategy (MSTR), and MARA Holdings (MARA) continued to experience losses, reflecting ongoing challenges for larger crypto-related companies.
Bitcoin (BTC) remained volatile, climbing above $67,000 at one point during the night but still down 0.06% over the past 24 hours. According to Coinglass data, traders faced significant losses on both long and short bets, with liquidations nearing $300 million. Despite this, retail sentiment around Bitcoin shifted from ‘bearish’ to ‘bullish’ over the past day, accompanied by high levels of chatter.
HOOD Stock’s Slide Continues Following Earnings Miss
Robinhood’s stock took one of the worst hits among crypto names during regular trading, falling 8.91% after missing Wall Street’s earnings expectations. However, the stock edged up 0.04% in after-hours trade following reports that Cathie Wood’s ARK Invest added some of Robinhood’s shares to its portfolios. Retail sentiment around the company dropped from ‘extremely bullish’ to ‘bullish’ over the past day, although chatter remained at ‘extremely high’ levels.
Bitmine and Circle Tick Stocks Tick Higher After Session Losses
Bitmine Immersion Technologies (BMNR) saw its stock rise 0.31% in after-hours trade after dropping 2.41% during the regular session. Retail sentiment around the Ethereum (ETH)-backed digital asset treasury (DAT) improved to ‘neutral’ from ‘bearish’, but chatter levels fell from ‘normal’ to ‘low’.
Circle Also on Ark Invest’s Buy List
Circle was also included on Ark Invest’s buy list on Wednesday, with the firm adding both BMNR and CRCL to its ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). CRCL’s stock rose 0.22% in after-hours trade after falling 3.16% during regular trading. Retail sentiment around the USDC stablecoin issuer dropped from ‘bullish’ to ‘neutral’, while chatter levels dipped from ‘normal’ to ‘low’.
Coinbase, Strategy, and MARA Extend Losses
Coinbase, one of the largest publicly listed crypto exchanges, continued to see its stock decline after hours, alongside MicroStrategy and MARA Holdings. COIN’s stock fell 0.53% in overnight trade after dropping 5.73% during regular sessions. MSTR’s stock edged down 0.09% following a 5.21% drop, while MARA’s stock moved 0.13% lower after a 1.31% decline in regular trading.
BlackRock Expands on Ethereum
BlackRock (BLK) announced on Wednesday that it is expanding its presence in the Ethereum ecosystem. The asset manager revealed it launched its BUIDL fund on Uniswap (UNI) and purchased an undisclosed amount of UNI tokens. BLK’s stock rose 0.10% in after-hours trading following a 0.45% decline in the regular session. Retail sentiment toward the world’s largest asset manager remained in ‘neutral’ territory, with chatter at ‘high’ levels.
UNI Price Defies Broader Crypto Downtrend
Despite the broader crypto market downturn, UNI’s price experienced a sharp increase, rising 40% before pulling back. As of Wednesday night, UNI was trading at around $3.41, still up 3.2% over the past 24 hours. Analysts suggest that the price drawdown reflects the overall bearish sentiment in the crypto market. Support is currently seen at $2.90, with analysts noting that holding this level could allow for further recovery. A break below $2.90 may expose downside toward $2.09.
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