Shares of publicly traded cryptocurrency companies fell sharply on Friday, with Coinbase plunging more than 13% daily after reporting a decline in third-quarter revenue as the industry dealt with the $6.3 billion Binance hack.
Other crypto-related stocks also fell, including stablecoin issuer Circle Internet Group (CRCL) fell more than 9% and the strategy of the Bitcoin finance company (MSTR) fell about 8% at the time of writing, according to data from Yahoo Finance.
Source: Yahoo Finance
The selloff also hit Bitcoin mining and data center operator IREN (IRISH), whose shares fell more than 10%, and blockchain-based financial services company Figure Technology Solutions (fig), which fell by about 9%.
The declines followed the disclosure of a Binance breach on Thursday. The exchange confirmed on Friday that hackers stole about $6.3 billion in the largest cryptocurrency theft ever.
Related: Binance is working with the FBI to recover assets after a hacker attack worth $6.3 billion
Crypto Profits Boost Coinbase, Strategy Profits Amid Falling Revenue
Coinbase and Strategy both reported third-quarter earnings on Thursday, with gains from their crypto holdings boosting profits even as revenue fell.
Coinbase reported Net income of $719 million, boosted by gains from cryptocurrency investments of approximately $715 million. Adjusted net income, which excludes investment gains and other items, was $78 million. Net sales fell about 34% year-over-year to $1.16 billion.
The exchange also reported that its prediction market business generated over $200 million in annual revenue.
strategy reported Net profit was $19.53 billion, largely due to a $20.91 billion increase in the value of its Bitcoin (BTC) holdings. Revenue fell 3% year over year to $125.4 million.
Strategy also announced that Andrew Kang will step down as chief financial officer on November 5.
Magazine: Will Gold’s “Infinite Mint Bug” Make Bitcoin More Valuable?
