Crypto-Focused Strategy Hits Lowest Level Since April as Stocks and Treasuries Decline

Crypto Equities Sink as Bitcoin Slides to $113K; Traders Brace for Powell Speech

Bitcoin dropped to $113,000 on Tuesday, triggering a sharp selloff across crypto-related equities as investor risk appetite weakened ahead of Federal Reserve Chair Jerome Powell’s upcoming remarks at Jackson Hole.

MicroStrategy (MSTR), the largest corporate holder of BTC, fell 7.8% to $336 — its lowest closing price since April 22.

Companies with sizable Ethereum treasuries weren’t spared. SharpLink Gaming (SBET) and BitMine (BMNR) slid 8–9%, while Solana-exposed firms DeFi Development (DFDV) and Upexi (UPXI) plunged 13.7% and 9%, respectively.

Digital asset heavyweight Galaxy Digital (GLXY) sank 10%, leading declines among crypto investment names. Trading platforms also came under pressure, with Robinhood (HOOD) down 6.5% and Coinbase (COIN) off 5.8%.

Mining and infrastructure stocks saw steep losses as well. MARA Holdings (MARA) dropped nearly 6%, while high-performance computing players Bitdeer (BTDR), Iris Energy (IREN), and Hut 8 (HUT) each lost close to 10%.

The broad-based downturn reflects growing caution in the market as traders await potential policy signals from Powell’s speech at the Fed’s annual Jackson Hole symposium on Friday.