Tariffs sink crypto-adjacent stocks

Liberation Day is hitting crypto-adjacent companies pretty hard this morning, as traders abandon risk-on stocks. Less than 24 hours after the Trump administration announced its “reciprocal” tariffs on more than 180 countries and territories (including some with no people living there), a slew of these companies are in the red in early trading.

Platforms Robinhood and Coinbase are down 9% and 8%, respectively on market open. 

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)

Meanwhile, bitcoin miners are also suffering, with MARA Holdings, Riot Platforms, CleanSpark, and Hut 8 all down over 7%.

Bitcoin-holding company Strategy is also down almost 7%. Just after the Rose Garden announcement, bitcoin plunged from $88,000 to $82,000, where it has stabilized. The broader crypto market is comparatively faring better than crypto-adjacent stocks, but most assets are still down over 2% today.