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.
8. Galaxy Digital (NASDAQ:GLXY)
Galaxy Digital fell for a 7th consecutive session on Thursday to hit a new all-time low, as investors unloaded portfolios following a disappointing earnings performance, while tracking the marked drop in Bitcoin prices during the day.
At intra-day trading, the stock declined to its lowest price of $16.67 before gaining a few cents to end the day just down by 16.47 percent at $16.84 apiece.
In its earnings call, Galaxy Digital (NASDAQ:GLXY) said it swung to a net loss of $241 million last year from a $346.7 million net income in 2024, primarily due to lower digital asset prices and approximately $160 million one-off costs tied to Bitcoin mining infrastructure, its corporate reorganization, and the embedded derivatives on outstanding exchangeable notes.
Revenues, on the other hand, surged by 42 percent to $60.4 billion from $42.6 billion year-on-year.
Operating expenses were higher by 42 percent at $61.6 billion versus $43.4 billion in 2024.
In the fourth quarter alone, net loss stood at $481.7 million, reversing a $117.5 million net income in the same period in 2024, driven primarily by the depreciation of digital asset prices and a 24 percent lower crypto market capitalization.
Revenues were also lower by 34 percent to $10.37 billion from $15.8 billion year-on-year.
In other news, Galaxy Digital (NASDAQ:GLXY) mirrored a broader market pessimism after Bitcoin prices nosedived by 50 percent from its all-time high of $126,000 following news that the Treasury Department does not have the authority to bail out the crypto and its peers.
Pessimistic comments from Michael Burry also contributed to the drop. According to the investor who was able to predict the 2008 financial crisis, Bitcoin’s further drop to the $50,000 territory could evolve into a death spiral and push Bitcoin mining firms into bankruptcy.
7. Strategy Inc. (NASDAQ:MSTR)
Strategy saw its share prices drop to a new 52-week low, as investors unloaded portfolios following Bitcoin’s drop to the $62,000 level, coupled with a disappointing earnings performance in both the full year and fourth quarter of 2025.
At intra-day trading, the stock fell to its lowest price of $104.17 before paring losses to end the day down by 17.12 percent at $106.99 apiece.
In an earnings call, Strategy Inc. (NASDAQ:MSTR) said that it widened its full-year net loss attributable to shareholders by 259 percent to $4.2 billion from $1.17 billion in 2024, while revenues inched up by 3 percent to $477 million from $463 million year-on-year.
In the fourth quarter alone, net loss attributable to shareholders was markedly higher at $12.6 billion versus $670.8 million year-on-year.
Revenues, on the other hand, picked up by 2 percent to $123 million from $120.7 million year-on-year.
In other news, Bitcoin on Thursday slashed its value by 50 percent to $62,000 from its all-time high of $126,000 after the Treasury Department announced that it does not have the authority to bail out the crypto and its peers.
Sentiment was further dampened by Michael Burry’s comments earlier this week about Bitcoin’s ongoing drop, saying that any further fall to the $50,000 level could evolve into a death spiral and significantly impact Bitcoin mining firms. Burry is a notable investor, having predicted the financial crisis in 2008.
Strategy Inc. (NASDAQ:MSTR), on the other hand, is one of the largest Bitcoin treasury holders to date. As of end-January, the company holds a total of 713,502.
6. Hut 8 Corp. (NASDAQ:HUT)
Hut 8 dropped its share prices by 17.89 percent on Thursday to finish at $44.48 apiece as investor sentiment was dampened by the Treasury department’s inability to bail out Bitcoin and other cryptocurrency assets, coupled with a notable investor’s caution if the asset falls further to the $50,000 level.
Hut 8 Corp. (NASDAQ:HUT) fell alongside its counterparts, namely MARA Holdings, Strategy, Galaxy Digital, Riot Platforms, and CleanSpark, among others, after Treasury Secretary Scott Bessent told House lawmakers that the department does not have the authority to step in to support the cryptocurrency market or buy Bitcoins and other cryptocurrencies.
Bitcoin nosedived to the $62,000 level following the news, slashing as much as 50 percent of its $126,000 all-time high.
Michael Burry, a notable investor who predicted the 2008 financial crisis, also contributed to the drop. In a Substack post, he cautioned about Bitcoin’s recent weakness, adding that any further drop to the $50,000 level could evolve into a death spiral and negatively affect Bitcoin players.
Meanwhile, Hut 8 Corp. (NASDAQ:HUT) is one of the leading Bitcoin mining players globally and is currently transitioning to artificial intelligence servicing.
Hut 8 Corp. (NASDAQ:HUT) also owns a majority stake in American Bitcoin Corp., which was co-founded by presidential son Eric Trump.
5. MARA Holdings Inc. (NASDAQ:MARA)
MARA Holdings fell for a 7th day on Thursday to touch a new 52-week low, mirroring the drop of its peers and Bitcoin prices following the Treasury Department’s comments that it does not have the authority to support Bitcoin and other cryptocurrency assets.
During the session, MARA Holdings Inc. (NASDAQ:MARA) dropped to as low as $6.66 before trimming gains to end the day just down by 18.72 percent at $6.73 apiece, tracking the decline in other Bitcoin players, namely Strategy, CleanSpark, Hut 8 Corp., Galaxy Digital, and Riot Platforms, among others.
In a House inquiry, Treasury Secretary Scott Bessent said that the department does not have the authority to bail out Bitcoin and other cryptocurrency assets, adding that as chairman of the Financial Stability Oversight Council, “I do not have that authority.”
Bitcoin fell by 50 percent to the $62,000 level from its highest price of $126,000 following the news.
Meanwhile, MARA Holdings Inc. (NASDAQ:MARA) is expected to release the results of its earnings performance on February 25, 2026.
4. CleanSpark Inc. (NASDAQ:CLSK)
CleanSpark saw its share prices decline by 19.13 percent on Thursday to end at $8.27 apiece as investors digested the company’s dismal earnings performance in the first quarter of fiscal year 2026, as well as Bitcoin’s marked 50 percent fall from its all-time high.
In an earnings call, CleanSpark Inc. (NASDAQ:CLSK) said that it swung to a net loss attributable to shareholders of $378.7 million from a $241.6 million net income during the same period a year earlier.
Bitcoin mining revenues grew by 11.6 percent to $181.18 million from $162.3 million year-on-year.
“CleanSpark exited the quarter with one of the strongest balance sheets in our sector and a power and land portfolio that is increasingly scarce,” said CleanSpark Inc. (NASDAQ:CLSK) Chairman and CEO Matt Schultz.
“We strengthened our financial foundation, secured up to 890 megawatts of high-quality utility potential capacity in the Houston region, and materially advanced our Sandersville site with the acquisition of an additional 122-acre parcel as we progress toward AI tenancy. Importantly, this expansion is being funded from a position of strength. Our scaled bitcoin mining operations continue to generate durable cash flows, and those cash flows are now being redeployed into long-duration infrastructure opportunities that we believe can drive significant shareholder value over time,” he noted.
In other developments, CleanSpark Inc. (NASDAQ:CLSK) fell alongside its counterparts after Bitcoin dropped to the $62,000 territory during the session from an all-time high of $126,000, following news that the Treasury Department does not have the authority to step in and support Bitcoin and other cryptocurrency assets.
3. Estee Lauder Companies Inc. (NYSE:EL)
Estee Lauder slashed its share prices by 19.19 percent on Thursday to finish at $96.66 apiece as investors soured on a weak outlook for its business in the full fiscal period of 2026.
In an earnings call during the day, Estee Lauder Companies Inc. (NYSE:EL) said that it expects a $100 million tariff to hit its full-year profitability, albeit it is “actively evaluating developments and mitigation strategies” to minimize the impact.
In particular, it expects higher tariffs to dent its operations in Switzerland, Canada, China, Mexico, Europe, and Japan by the second half of the year.
Despite the projected impact, Estee Lauder Companies Inc. (NYSE:EL) raised its fiscal 2026 full-year outlook, with organic sales targeted to increase by 1 to 3 percent, with an adjusted operating margin of 9.8 percent to 10.2 percent.
At present, Estee Lauder Companies Inc. (NYSE:EL) is underway with a corporate restructuring that will see the layoff of between 5,800 and 7,000 employees.
In the second quarter of fiscal year 2026, the company swung to a net income of $162 million from a $590 million net loss in the same period last year.
Net sales were higher by 6 percent at $4.2 billion from $4 billion year-on-year.
2. Ralliant Corporation (NYSE:RAL)
Ralliant fell to a new all-time low on Thursday, as investors disposed of positions after the company swung to heavy losses last year.
At intra-day trading, Ralliant Corporation (NYSE:RAL) declined to its lowest price of $37.27 before paring losses to end the day just down by 31.79 percent at $38.39 apiece.
This followed news during the day that it incurred a net loss of $1.2 billion last year, reversing a $354.6 million net income in 2024.
Sales also dropped by 6.5 percent to $1.04 billion from $1.11 billion year-on-year.
In the fourth quarter alone, Ralliant Corporation (NYSE:RAL) swung to a net loss of $1.37 billion from an $82.7 million net income in the same period a year earlier, including a $1.4 billion non-cash goodwill impairment charge recorded in the test and measurement segment, mainly due to revised expectations for the EA Elektro-Automatik business.
Sales, on the other hand, inched up by 1.18 percent to $554.6 million from $548.1 million year-on-year.
Looking ahead, Ralliant Corporation (NYSE:RAL) is targeting revenues of $508 million to $522 million in the first quarter of the year, with adjusted earnings per share of $0.46 to $0.52.
For the full-year period, revenues are projected at $2.1 billion to $2.2 billion, while adjusted EPS is pegged at $2.22 to $2.42.
1. Fluence Energy Inc. (NASDAQ:FLNC)
Fluence Energy saw its share prices drop by 34.63 percent on Thursday to close at $18.95 apiece as investors soured on higher incurred losses in the first quarter of fiscal year 2026.
In an updated report, Fluence Energy Inc. (NASDAQ:FLNC) said that attributable net loss widened by 8.4 percent to $45 million from $41.5 million in the same period a year earlier, despite revenues soaring by 154 percent to $475 million from $187 million year-on-year.
“Accelerating data center growth, utility demand and rising industrial loads continue to drive energy storage demand globally, reflected in our pipeline which has grown by approximately 30 percent to $30 billion since September, 2025. We have been preparing for this inflection in growth with our expanded sales effort, global supply chain and domestic content strategy, which are driving our ability to deliver competitive products to customers around the world,” said Fluence Energy Inc. (NASDAQ:FLNC) President and CEO Julian Nebreda.
Looking ahead, Fluence Energy Inc. (NASDAQ:FLNC) reaffirmed its full fiscal year revenue growth outlook of $3.2 billion to $3.6 billion. As of the first quarter, the midpoint of its guidance—amounting to $3.4 billion—has already been fully covered by orders in backlog.
“As global demand for storage accelerates, we believe our financial discipline positions Fluence to capture this growth and deliver attractive value for our shareholders,” said Fluence Energy Inc. (NASDAQ:FLNC) Chief Finance Officer Ahmed Pasha.
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