Crypto stocks slide: Coinbase drops 12%, Strategy 11% as Binance hack weighs
Author: Crypffalo Research · 20:55 30/10/2026
Coinbase and Strategy sank at Friday's open as the Binance hack, soft Q3 reports and a broad tech selloff hit at once, while bitcoin slipped to around $76,800.
Crypto-linked stocks tumbled at Friday's open on Wall Street (Oct 30, 9:30 a.m. ET). Coinbase (COIN) fell about 12% to $141.75 and Strategy (MSTR) dropped about 11% to $127.37, according to CoinDesk.
The selling came as three pressures hit at once: the roughly $6.3 billion Binance hack, underwhelming third-quarter reports from both companies and a broad tech selloff after Intel plunged about 28%. Bitcoin slipped to around $76,800, down about 4% over 24 hours.
Key takeaways
- Coinbase: down about 12% despite $719 million in Q3 net income, as transaction revenue shrank to $590 million.
- Strategy: down about 11% after CFO Andrew Kang resigned and its 2026 BTC Yield turned negative at -3.7%.
- Other names: Circle (CRCL) fell 9.5%, Bullish (BLSH) 8.3% and Galaxy (GLXY) 6.8%.
- Backdrop: the Nasdaq lost more than 2% and the S&P 500 more than 1%; bitcoin hovered near $76,800.
- Level to watch: Strategy's average cost is about $75,446 per BTC, less than 2% below the current price.
Coinbase: bitcoin gains mask weaker trading
Coinbase reported Q3 results on Oct 29, with net income of $719 million, up 66% year over year. Most of that came from a $715 million gain on crypto it holds as investments rather than from operations.
Total revenue was $1.22 billion, down 35% from a year earlier. Transaction revenue fell 44% to $590 million, and spot trading volume dropped 8% from the prior quarter.
The bright spot was subscription and services revenue of $570 million, now nearly half of net revenue. Prediction markets passed $200 million in annualized revenue, roughly double the previous quarter. COIN closed at $160.59 on Thursday before today's slide.
Strategy: huge paper profit, but a CFO exit
Strategy posted Q3 net income of about $19.5 billion, almost entirely from the rise in the value of its bitcoin. Software revenue was only about $125 million, down 3% year over year.
The company also disclosed that CFO Andrew Kang is resigning for personal reasons, effective Nov 5. Strategy said the decision was not due to any disagreement, and Reza Virasteh will take over on Jan 1, 2027.
Figures investors are watching closely:
- Holdings: 848,517 BTC as of Oct 25.
- Cost basis: about $64 billion in total, or roughly $75,446 per BTC.
- BTC Yield year to date: -3.7%, meaning bitcoin per share is shrinking.
- Capital raised year to date: about $21.2 billion.
What it means for crypto markets
Crypto stocks tend to swing harder than the coins themselves, so today's drop reflects both post-hack sentiment around Binance and the wider tech selloff. Bitcoin now sits less than 2% above Strategy's average cost, a psychological level the market is tracking closely.
- Bull case: Binance reopens withdrawals on schedule and its loss coverage goes smoothly, steadying sentiment and lifting crypto equities.
- Risk case: bitcoin falls below the $75,000 area, putting Strategy's holdings underwater on paper, while possible BTC/ETH sales by Binance to buy back tokens add selling pressure.
Strategy is not required to sell bitcoin if the price drops below its cost basis. Still, its mNAV and its ability to raise capital through share sales would suffer if the stock keeps falling.
What to watch next
- Binance withdrawals: the exchange said it was on track to resume service within about 45 hours of its Oct 30 morning (UTC) update.
- Friday's closing moves in COIN, MSTR and the Nasdaq.
- Strategy's STRC preferred switches to daily dividends from Nov 1.
- Follow the economic calendar and real-time liquidations for updates.
Frequently Asked Questions
Why did Coinbase stock fall despite a big profit?
Most of the profit came from marking up the crypto it holds. Transaction revenue, its core business, fell 44% year over year.
Does the CFO exit change Strategy's bitcoin plans?
According to the company, CEO Phong Le still directly oversees bitcoin strategy, capital markets and treasury. The incoming CFO will mainly manage the software business's finances.
What is Strategy's average cost per bitcoin?
About $75,446 per BTC across 848,517 BTC, according to its Q3 filing with the SEC.
*This content is for information only and is not financial advice.*
Tags: Coinbase, Strategy, Crypto stocks, Bitcoin, Binance
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