Publicly traded crypto firms slide further after Monday's $1 billion market cap loss

Startups • February 23, 2021, 1:12PM EST
theblock

The stocks of U.S.-listed crypto mining and miner manufacturing firms followed bitcoin's downward movement Monday's trading session, market data shows.

In all, these companies shed some $1 billion total from their market capitalizations. Bitcoin mining firms Marathon Patent Group, Riot Blockchain and Hive Blockchain closed out Monday with stock price decreases of 14.24%, 9.21% and 7.6%, respectively, according to data from The Block's Data Dashboard.  

Meanwhile, Nasdaq-listed Chinese bitcoin mining hardware makers Canaan and Ebang saw declines of 15.89% and 23.96%, respectively, for their stock prices.

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During Tuesday's session, those firms weren't fairing much better. Marathon is trading down 22% while Riot and Hive are down 24% and 18%, respectively. 

The stock moves come amid a period of heightened volatility in the price of bitcoin, which as of press time was trading at around $47,168 on Coinbase. 

About Author

Wolfie joined The Block’s news team in 2020 and switched to the research side in 2021 to focus on crypto mining analysis. Prior to The Block, he had been a journalist at CoinDesk for three years. Wolfie has a background in financial journalism.