Strategy, SharpLink Gaming, and MARA Holdings took a dive with the rest of the crypto equities category as Bitcoin dipped below $90,000 on Tuesday morning.
At the time of writing, Bitcoin has been hovering between the $90,000 and $91,000 marks after having lost 2.5% since this time yesterday, according to crypto price aggregator CoinGecko. The price of Bitcoin dropped as low as $89,929 on Tuesday before rebounding to $90,535 as of this writing.
Bitcoin trading volume has gained 14% in the past day, rising to $68.6 billion, according to blockchain analytics platform CoinGlass.
Most U.S. institutions—including the New York Stock Exchange and Nasdaq—were closed on Monday in observance of Martin Luther King Jr. Day. Although crypto exchanges never close, increasing participation from institutional traders has meant that trading activity sometimes mimics that of traditional finance.
But traders are also dealing with the fallout of President Donald Trump's latest geopolitical saber rattling. The president vowed to "100%" follow through on a treat to impose tariffs on European countries who oppose his bid to take control of Greenland.
"The immediate market response to the proposed Greenland tariffs has been muted, but it adds another layer to the expected lasting geopolitical uncertainty that tariffs have established over the past year," Bitfinex analysts told Decrypt.
Major U.S. stock indices are down more than 1% so far Tuesday, but top crypto stocks have fallen much harder.
Bitcoin treasury giant Strategy, which just announced the purchase of $2.1 billion worth of Bitcoin, has seen its shares tumble more than 6% since the opening bell in New York. MSTR, which trades on the Nasdaq, was recently changing hands for $162.60 after falling to a weekly low under $160.
Meanwhile, Ethereum treasury firm SharpLink Gaming has seen its shares, which trade on the Nasdaq under the SBET ticker, fall 7.8% to trade for $10.14. The company now has roughly $2.4 billion worth of ETH in its treasury, in what the CEO recently called "permanent capital."
“2025 was a year that DATs did their initial accumulation, 2026 needs to be the year of productivity,” SharpLink CEO Joseph Chalom said last week on "FOMO Hour," a show from Decrypt’s sister company, Rug Radio.
And Bitcoin miner MARA Holdings has seen its shares drop 5.7% to trade at $10.70 at the time of writing. Late last year, the company signed a letter of intent for midstream energy infrastructure company MPLX to supply natural gas to its data center campuses in West Texas—including the creation of new facilities.
It tends to be the case that Bitcoin miners, like MARA, take a hit when BTC drops. Wintermute analysts said in a note shared with Decrypt that while Bitcoin's dip is troubling, they're not convinced that this is the preamble to a free fall.
"[The] setup feels like we're coiling rather than breaking down, however we need the psychological level of $90K to provide good support here or we risk testing mid-$80K again," they wrote.
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