Coinbase's stock tumble after SEC suit weighs on other crypto-related shares

The selloff Tuesday in shares of Coinbase Global Inc. (COIN), after the company became the second cryptocurrency exchange that was sued by the U.S. Securities and Exchange Commission in two days, weighed on the stocks of other crypto companies. Coinbase's stock tumbled 21.5% toward a five-month low in premarket trading, after shedding 9.1% on Monday after the SEC charged rival Binance Holdings Inc. with securities fraud. Among others in the crypto business, shares of Marathon Digital Holdings Inc. (MARA) slid 2.4% after dropping 8.4% on Monday, Riot Platforms Inc.'s stock (RIOT) sank 5.7% after losing 8.8% on Monday and MicroStrategy Inc. shares (MSTR) shed 2.8% after giving up 8.5% the day before. Meanwhile, bitcoin declined 1.1% toward a 2 1/2-month low, as futures for the S&P 500 eased less than 0.1%.

-Tomi Kilgore

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06-06-23 0927ET

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