10 Big Names, Bigger Losses

Wall Street fell sharply on Thursday, with all three major indices clocking more than a 1 percent drop, as investors soured on weak comments about the cryptocurrency industry that spilled over to the broader markets.

Ten companies led the market bloodbath, slashing more than 14 percent of their value during the trading session, with some hitting all-time lows.

In this article, we identify the 10 companies and break down the reasons behind their drop. The names were dominated by Bitcoin mining and treasury players.

To come up with the list, we focused exclusively on stocks with more than $2 billion in market capitalization and 5 million shares in trading volume.

Photo by Tima Miroshnichenko on Pexels

10. Riot Platforms Inc. (NASDAQ:RIOT)

Riot Platforms fell by 14.71 percent on Thursday to close at $12.06 apiece, tracking the marked decline in Bitcoin prices amid the Treasury Department’s inability to bail out the crypto industry, alongside a caution from a notable investor that any further fall could evolve into a death spiral.

Riot Platforms Inc. (NASDAQ:RIOT) declined alongside its peers, namely Strategy Inc., Galaxy Digital, Hut 8 Corp., and MARA Holdings, among others, after the Treasury Secretary signaled that the government does not have the authority to step in to support the cryptocurrency market or buy Bitcoins and other cryptocurrencies.

When asked by the House Financial Services Committee, Bessent said: “I do not have the authority to do that. And as chair of FSOC (Financial Stability Oversight Council), I do not have that authority.”

Prices of Bitcoin fell to as low as $62,000 following the news.

Sentiment was further dragged by a caution from Michael Burry, an investor who predicted the 2008 financial crisis, that any decline in Bitcoin prices to the $50,000 level could put Bitcoin miners into bankruptcy.

Since soaring to an all-time high of $126,000, Bitcoin’s latest closing price already showed a 50.8 percent drop.

Meanwhile, Riot Platforms Inc. (NASDAQ:RIOT) announced last month that it was able to produce 460 Bitcoins in December, or 8 percent higher than the 428 in November, but was 11 percent lower than in December 2024.

As of the end of last year, Riot Platforms Inc. (NASDAQ:RIOT) owned a total of 18,005 Bitcoins.

9. BridgeBio Pharma Inc. (NASDAQ:BBIO)

BridgeBio fell by 15.24 percent on Thursday to close at $63.73 apiece, mirroring the broader market decline amid a highly pessimistic environment, while repositioning portfolios ahead of its earnings.

Based on its historical earnings reporting dates, BridgeBio Pharma Inc. (NASDAQ:BBIO) would release its financial and operating highlights for the fourth quarter and full-year 2025 periods on February 19, 2026.

Meanwhile, Thursday’s drop was primarily dampened by an overall market sentiment, as investors turned pessimistic following Bitcoin’s 50 percent decline from its all-time high of $126,000. This followed Treasury Secretary Scott Bessent’s reply to a House Committee hearing that he does not have the authority to bail out Bitcoin and other cryptocurrency assets.

In other news, BridgeBio Pharma Inc. (NASDAQ:BBIO) recently received a bullish outlook from Barclays and Morgan Stanley, both issuing the stock an “overweight” rating.

Barclays, for its part, gave the stock a $157 price target, while Morgan Stanley was more conservative at $96. Said prices represented an upside potential of 146 percent and 50.6 percent, respectively, from its latest closing price.