Crypto-linked stocks tumbled, led by Coinbase Global, as a $6.3 billion Binance hack compounded pressure from declining digital-asset revenues and a broader technology-sector sell-off.

  • Coinbase shares fell more than 13% after the exchange reported a 34% year-on-year decline in Q3 2026 net revenue to $1.16 billion.

  • Circle Internet Group dropped more than 9%, while

  • Bitcoin treasury company, Strategy, fell about 8%.

  • Bitcoin miners and blockchain financial services firms also posted sharp losses.

 

 

The sell-off followed Binance’s disclosure of a major security breach with the exchange confirming approximately $6.3 billion in stolen assets. Bitcoin also remained under pressure as investors reduced exposure to riskier assets amid concerns over technology valuations and artificial-intelligence spending.

 

MILESTONE | Binance Gets Hacked in the Largest Crypto Exploit in History

 

The declines highlight the vulnerability of crypto-related equities to both falling digital-asset prices and company-specific revenue pressures.

Coinbase’s quarterly profit was boosted by $715 million in cryptocurrency investment gains while adjusted net income was $78 million underscoring the gap between reported earnings and underlying operating performance.

The broader market pressure comes as traditional financial infrastructure faces its own challenges from crypto disruption.

More than 20 publicly listed companies, including

  • Microsoft,

  • Alphabet,

  • JPMorgan,

  • Wells Fargo,

  • Oracle,

  • IBM,

  • Dell, and

  • Intuit,

have objected to plans by crypto exchange OKX and Intercontinental Exchange, the owner of the New York Stock Exchange, to offer tokenized versions of their shares.

 

INSTITUTIONAL | Microsoft, Alphabet, Qualcomm, Goldman Sachs Join Opposition to OKX-ICE Tokenized Stock Trading

 

The objections expose a growing divide over who controls the next generation of financial markets. While crypto firms and exchanges are pushing blockchain-based trading and settlement, established companies are resisting the distribution of tokenized shares without their consent.

Together, the developments highlight a crypto industry facing pressure on both fronts.

 

 

INSTITUTIONAL | Why Major U.S-Listed Companies are Opposing New York Stock Exchange Tokenization Plans

 

 

 

 

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