Coinbase stock fell more than 5% right after the filing was released and then continued to fall. Meanwhile, the price of bitcoin (BTC) fell more than 5% to below $26,000. Shares of MicroStrategy (MSTR), which holds a vast amount of bitcoin on its balance sheet, fell almost 9%, while the shares of several bitcoin mining stocks dropped as well. Riot Blockchain (RIOT) and Marathon Digital (MARA) both fell more than 9%, while Bitfarms (BITF) dropped more than 6%.
Source: https://www.coindesk.com/markets/2023/06/05/coinbase-stock-drops-6-following-secs-suit-against-binance/?utm_medium=referral&utm_source=rss&utm_campaign=headlines