From Cointelegraph · By Nate Kostar
Shares of publicly traded cryptocurrency companies fell sharply Friday, with Coinbase dropping more than 13% a day after reporting a decline in third-quarter revenue, as the industry dealt with Binance’s $6.3 billion hack.
Other crypto-linked stocks also declined, with stablecoin issuer Circle Internet Group (CRCL) falling more than 9% and Bitcoin treasury company Strategy (MSTR) dropping about 8%, according to Yahoo Finance data at the time of writing.
Source: Yahoo Finance
The selloff also hit Bitcoin mining and data center operator IREN (IREN), whose shares fell more than 10%, and blockchain-based financial services company Figure Technology Solutions (FIGR), which dropped about 9%.
The declines followed Thursday’s disclosure of a the Binance breach. The exchange confirmed Friday that hackers stole about $6.3 billion in the largest cryptocurrency theft on record.
Related: Binance working with FBI to recover assets following $6.3B hack
Crypto gains lift Coinbase, Strategy profits as revenue falls
Coinbase and Strategy both reported third-quarter earnings Thursday, with gains on their crypto holdings lifting profits even as revenue declined.
Coinbase reported $719 million in net income, boosted by about $715 million in gains on cryptocurrency investments. Adjusted net income, which excludes investment gains and other items, was $78 million. Net revenue fell about 34% year over year to $1.16 billion.
The exchange also reported that its prediction markets business surpassed $200 million in annualized revenue.
Strategy reported $19.53 billion in net income, largely driven by a $20.91 billion gain in the value of its Bitcoin (BTC) holdings. Revenue declined 3% year over year to $125.4 million.
Strategy also announced that Andrew Kang will step down as chief financial officer on Nov. 5.
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