Crypto Stocks After the Bell: Coinbase, MicroStrategy, Bitcoin Miners and New Bitcoin Treasuries Move on Fed Cut

Published: Wednesday, December 10, 2025 (U.S. market close)
Disclaimer: This article is for information and news purposes only and is not investment advice.

Quick summary

Bitcoin hovered around $92,000 after briefly surging above $94,000, as the Federal Reserve delivered its third 25 bps rate cut of the cycle and flagged a slower path of easing. ^[1]
U.S. equities finished mixed, with the S&P 500 and Dow barely positive and the Nasdaq slightly lower, as rising bond yields and “hawkish cut” worries kept risk appetite in check.
Crypto‑exposed stocks spent much of the session under pressure, with MicroStrategy/“Strategy” (MSTR), Marathon Digital (MARA), Coinbase (COIN), Riot Platforms (RIOT) and CleanSpark (CLSK) all highlighted as weak spots in early trading before some afternoon stabilization.
A fresh Bitcoin-treasury stock, Twenty One Capital (XXI), has just debuted on the NYSE and is now one of the largest public BTC holders, adding a new high‑beta name to the crypto‑equity complex.

Below is a detailed breakdown of how the major U.S.-listed crypto stocks traded after the bell on December 10, 2025, and what today’s news and forecasts signal for the months ahead.

1. Macro backdrop: Fed’s “hawkish cut” meets a $92K Bitcoin

Going into Wednesday, markets were already tense. Midday, U.S. indices were essentially flat — the S&P 500 up roughly 0.01%, the Dow about 0.03%, and the Nasdaq 100 down around 0.26% — while the 10‑year Treasury yield pushed to about 4.2%, a three‑month high, as traders braced for a quarter‑point rate cut paired with a “long hold” message from the Federal Reserve.

By late afternoon:

The Fed cut rates by 25 bps for the third time in this easing cycle but signaled a higher bar for further cuts, a combination widely described as a “hawkish cut.” ^[2]
Bitcoin (BTC) traded close to $92,000, after spiking above $94,000 earlier in the day and quickly retracing as Chair Jerome Powell balanced concerns over sticky inflation and a cooling labor market. ^[3]
Crypto ETFs and altcoins showed renewed life: spot Ethereum products drew strong inflows, and Ether jumped about 7%, with other majors like Solana and Cardano also green on the session. ^[4]

For crypto‑stocks, that backdrop translated into choppy intraday trading: early losses as yields rose, partial recovery as Bitcoin clawed back toward the high‑$80Ks and low‑$90Ks, and a generally risk‑on but selective tone by the close.

2. Coinbase (COIN): Neutral rating, new bank flows and network hiccups

Price action

In regular trading on December 10, Coinbase Global (NASDAQ: COIN) finished just under the high‑$270s, around $275, down less than 1% on the day after a narrow intraday range between roughly $271 and $277. ^[5]

That relatively modest move hides a busy news day.

Goldman Sachs reiterates “Neutral” with $294 target

An early‑morning note from Goldman Sachs kept Coinbase at “Neutral” with a price target of $294, only slightly above where the stock currently trades. ^[6]

Key points from the Investing.com summary of the report: ^[7]

Goldman sees “regulatory tailwinds” building for the sector in 2025, but believes more clarity on market structure is still needed before Coinbase’s risk profile improves materially.
The firm’s data partner flags Coinbase as “overvalued” on fair‑value models, even as it acknowledges:
- 47%+ revenue growth over the last twelve months,
- an 84%+ gross margin, and
- a strong liquidity profile (current ratio ~2.4x).
Coinbase’s beta near 3.7 underscores just how volatile the stock remains relative to the broader market.

In other words: fundamentals look strong, but valuation and volatility keep big Wall Street desks cautious.

PNC partnership highlights institutional demand

On the adoption front, Zacks reported that a major PNC Financial unit is rolling out direct spot Bitcoin access for eligible clients using Coinbase’s Crypto‑as‑a‑Service infrastructure, a notable step for a large U.S. bank. ^[8]

That move:

Extends Coinbase’s reach deeper into traditional wealth management,
Adds another proof point for “Bitcoin inside the banking app” as a mainstream theme, and
Reinforces Coinbase’s strategy of shifting more revenue toward subscription and services, not just trading fees. ^[9]

Arbitrum delays show operational risk

Not everything was smooth: MarketScreener relayed a company notice that Coinbase was “aware of delayed sends and receives on the Arbitrum network”, highlighting the operational risks that persist when an exchange sits on top of complex Layer‑2 infrastructure. ^[10]

While such incidents are usually short‑lived, they underscore a key theme for investors: technology reliability and user experience can impact brand trust just as much as regulation or price volatility.

Short‑term outlook

Put together, today’s mix of neutral rating, bank distribution deal and minor tech issues leaves Coinbase roughly fairly valued near Goldman’s target, with upside tied to:

further regulatory clarity in 2026,
continued growth in custody and prime services, and
how strongly the next Bitcoin leg higher feeds back into trading volumes.

3. Bitcoin miners: Riot edges up, CleanSpark fades, Marathon and Hut 8 diverge

Mining stocks remain the purest public‑equity proxy on Bitcoin beta, but they’re also increasingly entangled with AI and high‑performance computing (HPC) narratives.

Closing snapshot (U.S. session – December 10, 2025)

Approximate regular‑session closes:

Riot Platforms (NASDAQ: RIOT) – around $15.7, up ~1.3% on the day; day’s range roughly $15.1–$15.8.
CleanSpark (NASDAQ: CLSK) – about $14.5, down ~2.1%, after trading between roughly $14.0 and $15.1.
Marathon Digital (NASDAQ: MARA) – in the low‑$12 area, off roughly 2–3% following a string of volatile sessions. ^[11]
Hut 8 (HUT) – the Toronto‑listed shares closed near C$63.50, up about 2.1%, after a C$60.4–C$65.0 range.

Earlier in the day, Barchart flagged crypto‑exposed stocks as “under pressure” with MARA, Strategy/MicroStrategy (MSTR) and Galaxy Digital down more than 2%, and RIOT and COIN lower by over 1%, mirroring a nearly 1% intraday drop in Bitcoin before the afternoon recovery.

Riot Platforms: HPC pivot and “undervalued” narrative

Riot Platforms ended slightly higher on the day, but the more important story came from a fresh Simply Wall St note reassessing the stock after a softer November production update and an ongoing pivot into HPC data centers.

Highlights:

Riot’s year‑to‑date share price gain of ~48% and three‑year total shareholder return of ~274% show how powerful mining beta has been in this cycle.
Their “most popular narrative” model pegs fair value near $27.50 per share versus a last close of about $15.5, implying Riot screens ~43.6% “undervalued” if its data‑center expansion goes to plan.
At the same time, Riot’s P/E ratio around 35x screens expensive versus U.S. software peers (~32x) and far above a “fair” ratio estimate closer to 7–8x, underscoring valuation risk if expectations slip.

Bottom line: RIOT’s upside case now leans as much on AI/HPC demand as on Bitcoin price, and today’s modest gain fits with a market cautiously buying that story while acknowledging stretched multiples.

CleanSpark: AI infrastructure story meets a “fade” call

After a strong run, CleanSpark gave back ground, closing down about 2% even as it remains well above its early‑year lows.

A Trefis dashboard published today dissected Monday’s +6.9% surge in CLSK and effectively told short‑term traders to “FADE” the move:

The spike followed transformative FY 2025 earnings:
- Revenue up 102% to about $766 million,
- EPS swinging from a loss to roughly $1.12, and
- a major pivot into AI/HPC, including a 285 MW Texas site acquisition.
But Monday’s rally came on very light volume — about 5.3M shares, ~81% below average — suggesting a thinly traded pop rather than broad institutional buying.
Short interest remains extremely high at roughly 33% of the float, positioning the name for potential squeezes but also violent reversals.

Trefis argued that failure to hold above the $15 level on strong volume would likely lead to a retest of the ~$13.9 area, a thesis that fits today’s pullback toward the mid‑$14s.

Marathon Digital and Hut 8: High‑beta laggards with structural shifts

Marathon Digital has been one of the hardest‑hit crypto miners in recent weeks, falling more than 60% from its spring highs as Bitcoin corrected from its own peak and investors repriced high‑leverage miners. ^[12]

YCharts and macro‑data trackers categorize MARA as highly volatile, with large intraday swings still common even as the stock hovers just above its 52‑week low around the high‑$9s. ^[13]
Barchart’s midday note lumped MARA in with the day’s biggest crypto losers, down more than 2% alongside MSTR and Galaxy Digital as yields rose.

Hut 8, meanwhile, has embraced the same AI/HPC narrative as Riot and CleanSpark. Its Toronto‑listed shares gained about 2.1% to C$63.50, continuing a rebound from earlier autumn lows as investors bet on the company’s low‑cost power footprint and hybrid HPC/mining model.

MarketBeat’s “Bitcoin stocks to watch” list

In a separate note aimed at traders scanning the space, MarketBeat highlighted IREN (IREN), Cipher Mining (CIFR) and CleanSpark (CLSK) as the three Bitcoin‑related stocks with the highest recent dollar trading volume, calling them “Bitcoin stocks to watch today.”

That alert is a reminder that:

Liquidity has returned to the Bitcoin‑equity complex,
Miners with data‑center or AI infrastructure angles are increasingly favored screens, and
These names offer indirect Bitcoin exposure with meaningful company‑specific and regulatory risk — they are not simple BTC proxies.

4. Bitcoin-treasury plays: Strategy (MicroStrategy) vs. new entrant Twenty One Capital

Strategy/MicroStrategy (MSTR): Buying more Bitcoin and pushing back on MSCI

The artist formerly known as MicroStrategy — now rebranded as Strategy Inc. (NASDAQ: MSTR) — remains the flagship corporate Bitcoin treasury stock.

On December 10:

Strategy’s U.S. shares closed around $188.15, down about 0.45%, after a wide intraday range between roughly $182 and $191. ^[14]

But price action is only half the story.

A detailed Coin Republic analysis this morning recapped Strategy’s latest near‑$1 billion Bitcoin purchase: ^[15]

Between December 1 and 7, the company bought 10,624 BTC for about $962.7 million, at an average price near $90,615 per coin.
That took Strategy’s holdings to roughly 660,624 BTC, cementing its status as the largest corporate holder of Bitcoin by a wide margin. ^[16]

The same piece highlighted two important analytical threads: ^[17]

Technical picture – After a brutal drawdown (over 60% from a May peak around $455 to autumn lows near $157), MSTR’s December bounce is still just a “modest recovery” and looks like consolidation, not yet a confirmed new uptrend.
Valuation vs. net asset value (NAV) – Commentators noted that Strategy’s multi‑year story is built around maximizing “Bitcoin per share”, which can allow MSTR to outperform Bitcoin over long horizons when the stock trades close to 1x its BTC NAV, but leaves investors exposed when it trades at two to three times NAV, as it did in late 2024.

In other words: after a year of multiple compression, current levels are much closer to “pure BTC exposure plus a modest premium” than the euphoric multiples of past cycles. ^[18]

Saylor vs. MSCI: index inclusion on the line

Late in the U.S. afternoon, Investing.com reported that Strategy executive chairman Michael Saylor has sent a sharp 12‑page letter to MSCI, blasting a proposal to exclude crypto‑heavy companies from its flagship indexes. ^[19]

Key details:

The draft MSCI rule would bar companies whose crypto holdings exceed 50% of total assets from its Global Investable Market Indexes. ^[20]
Strategy, with Bitcoin making up more than 85% of its enterprise value, would be directly affected. ^[21]
Saylor called the plan “misguided” and “harmful”, arguing that BTC‑heavy treasuries are operating businesses, not funds, and comparing them to REITs or resource companies that concentrate in a single asset type. ^[22]

If MSCI proceeds, forced selling from index‑tracking funds could weigh on MSTR in 2026 — a risk today’s letter is trying to head off.

Twenty One Capital (XXI): Wall Street’s newest pure-play Bitcoin stock

The biggest structural change in the Bitcoin‑equity landscape this week is the arrival of Twenty One Capital Inc. (NYSE: XXI), a Bitcoin‑native treasury and financial services company backed by Tether, Bitfinex and SoftBankand led by Strike founder Jack Mallers.

A deep‑dive from TechStock² outlines the key facts:

Debut – XXI came public on December 9 via a SPAC merger with Cantor Equity Partners, opening near $10.74and closing at about $11.42, roughly 20% below the SPAC’s last pre‑merger price.
Holdings – Company disclosures suggest a treasury exceeding 43,500 BTC, making Twenty One the third‑largest public Bitcoin holder, behind Strategy and MARA Holdings and ahead of Riot and other miners.
Business model – Management pitches XXI as a “Bitcoin‑first” corporate structure focused on:
- maximizing BTC per share,
- using capital‑markets tools (equity, debt, structured deals) to grow its holdings, and
- eventually launching Bitcoin‑based credit and financial services.
Early market verdict – With the stock trading in the $11–12 range despite its multi‑billion‑dollar BTC stash, the market currently values XXI at only a modest premium to the underlying coins, signaling: “We see the BTC, but you still have to prove the business.”

Importantly, TechStock² notes that there are no formal Wall Street price targets yet, as banks typically wait for a quarter or two of public reporting before issuing coverage.

Other treasury newcomers: American Bitcoin & ProCap

Beyond Strategy and XXI, Coindesk and The Block report that Eric Trump’s American Bitcoin (ABTC) and Anthony Pompliano’s ProCap have added to their Bitcoin holdings, continuing a trend of listed “BTC treasury” vehiclespiling up coins during this drawdown. ^[23]

While their market caps are much smaller, the pattern is clear: corporate‑style BTC hoarding is now a multi‑issuer theme, not a micro‑cap curiosity.

5. How the day fits together: themes for crypto stocks after December 10, 2025

Putting all of today’s moves, forecasts and analyses together, several themes stand out for crypto stocks listed on U.S. markets.

1. The market is becoming far more selective

Beta alone is no longer enough. Barchart’s midday note that “cryptocurrency‑exposed stocks are under pressure” captured the old regime where almost every name moved with Bitcoin.
Today, Riot’s modest gain, CleanSpark’s fade, MARA’s weakness and Hut 8’s strength show investors rewarding differentiated stories (HPC, AI infrastructure, cleaner power, balance‑sheet quality) and punishing simple leverage.

2. Regulation and index methodology are now price catalysts

For Coinbase, the path of U.S. crypto regulation and partnerships like PNC’s direct Bitcoin offering are now critical to revenue growth — and part of why Goldman can stay neutral while still acknowledging strong fundamentals. ^[24]
For Strategy/MicroStrategy, MSCI’s index‑eligibility proposal could meaningfully shift who is allowed to own the stock at scale; Saylor’s letter is not just PR, it’s a defense of index inclusion. ^[25]

Regulatory tailwinds for the asset class can coexist with headwinds for specific securities, depending on how indexers and banks choose to treat crypto exposure.

3. The “Bitcoin‑per‑share” arms race has more players

Strategy’s 660k+ BTC hoard and new purchases keep it firmly in the lead, but Twenty One Capital’s 43,500+ BTC stash immediately puts XXI near the top of the leaderboard. ^[26]
American Bitcoin, ProCap and others are building smaller but still material positions. ^[27]

Investors now have a menu of treasury strategies to choose from:

Legacy software + BTC turbo‑charge (Strategy),
Pure treasury + future financial products (XXI),
Mining‑plus‑HPC hybrids (RIOT, CLSK, HUT),
Exchange and custody (COIN).

Each has a different blend of operating risk, regulatory risk and Bitcoin leverage.

4. Forecasts remain bullish on growth, cautious on valuation

Across today’s analysis pieces:

Riot is framed as undervalued on long‑term HPC growth, but potentially overvalued on current earnings multiples.
CleanSpark is praised for triple‑digit revenue growth and a profitable FY25, but a prominent dashboard still recommends fading short‑term spikes that come on thin volume and high short interest.
Coinbase earns kudos for strong margins and balance‑sheet health, but a neutral rating and “overvalued” fair‑value flag show that institutions are wary of paying too much for cyclical crypto volume. ^[28]
Twenty One Capital arrives with no consensus price target and commentary that looks more like early‑stage investment theses than firm forecasts; the market is effectively using the spot Bitcoin price as the starting pointand marking up the equity only modestly.

Taken together, that suggests a two‑speed landscape:

Fundamentally bullish on the long‑term scale of Bitcoin, AI‑powered data centers and crypto infrastructure,
Tactically cautious on whether current prices already discount that growth.

5. What it means for traders and longer‑term investors

Again, this is not financial advice, but a few practical conclusions follow from today’s action:

Volatility isn’t going away. Bitcoin swinging several thousand dollars around a Fed meeting, altcoins outperforming, and miners trading like leveraged call options on those moves is still the norm. ^[29]
Single‑stock risk matters. Today’s Arbitrum delays at Coinbase, MSCI’s proposal for Strategy, and thin‑volume spikes in CleanSpark are all examples of idiosyncratic events that can swamp pure BTC beta over short horizons. ^[30]
New vehicles like XXI add choice but also complexity. Investors can now pick different flavors of Bitcoin exposure — from treasury‑heavy, to miner‑heavy, to exchange‑centric — but each comes with its own liquidity, governance and regulatory profile.

For now, December 10, 2025 will likely be remembered as a day when:

The Fed blinked again but stayed hawkish,
Bitcoin held its ground near $92K despite a roller‑coaster intraday range, and
Crypto stocks split into clear winners and losers, with the market rewarding durable business models and balance‑sheet discipline more than raw leverage to BTC.

Anyone following this space into 2026 will want to keep a close eye on Fed communication, MSCI’s index decision, and the first few quarters of public reporting from Twenty One Capital and the new wave of Bitcoin treasuries.

References

Crypto Stocks After the Bell: Coinbase, MicroStrategy, Bitcoin Miners and New Bitcoin Treasuries Move on Fed Cut – December 10, 2025