MicroStrategy, Marathon Digital Hit By Bitcoin Fall

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MicroStrategy, Marathon Digital Hit By Bitcoin Fall
Credit: © Reuters.

By Sam Boughedda

Investing.com — Bitcoin  is down over 3.6% Wednesday, which means cryptocurrency-related stocks have also taken a hit, heading back lower after a recent reprieve.

While MicroStrategy Incorporated (NASDAQ: MSTR ) shares were down 9% Wednesday after three days of gains, its slide can also be attributed to its earnings report released Tuesday evening, where it reported a digital asset impairment charge of $147 million. In addition, the company also revealed ahead of its earnings that it acquired a further 660 bitcoins for $25 million in cash. The company paid an average price of $37,865 per bitcoin.

Elsewhere, other crypto-related stocks have taken a tumble, including Marathon Digital Holdings Inc (NASDAQ: MARA ), which is at -8.5%, Bit Digital Inc (NASDAQ: BTBT ) -6.3%, Riot Blockchain Inc (NASDAQ: RIOT ) -7.1%, Hut 8 Mining Corp (NASDAQ: HUT ) -7.2%, and Argo Blockchain PLC ADR (NASDAQ: ARBK ) -7.8%.

Bitcoin itself is currently trading around the $37,400 mark, off of the recent $32,950 lows, but still significantly down from its November highs.

Other cryptos are also down on the day, with Ethereum also at -3.6%, trading around the $2,690 level and Dogecoin down just over a percent at about $0.14074.

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