Bitcoin mining stock prices open down sharply as US equities slide

Bitcoin mining stocks were down by double digits at market open on Monday morning amid turbulence in crypto and equities markets. 

Argo Blockchain, for instance, had fallen by over 18% on the London Stock Exchange and over 16% on Nasdaq. Core Scientific, Iris Energy and TeraWulf stocks were down by 12.87%, -12.66% and 11.32%, respectively.

With many of these companies holding on to a majority of bitcoin that they mine, the value of their assets is largely dependent on the price of bitcoin. Core Scientific, for example, held 8,058 BTC as of May 31, according to a recent statement.

Bitcoin's price was at around $22,750 at the time of publications, having fallen over 13% from the day before.

Major Bitcoin holder MicroStrategy also saw its stock drop by 23% as the markets opened Monday. The software company owns 129,218 BTC together with its entities.

Generally, the global market cap for crypto has also dipped below $1 trillion — a 50% fall from $2 trillion in November 2021. On Sunday, crypto lending firm Celsius announced that it was pausing all withdrawals and transfers due to unfavorable market conditions.

The broader equities market was in the red as of press time. The Dow Jones Industrial Average is down 2.3%, with the S&P 500 and Nasdaq down 4.24% and 3.55%, respectively.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).