Crypto Stocks Today: Coinbase, Marathon, Riot Slide as Bitcoin Tests $90K After Fed Cut

Published: December 11, 2025 – US markets

Crypto‑linked stocks on US exchanges fell on Thursday as Bitcoin hovered around the psychologically important $90,000level and investors rotated out of high‑beta tech and AI names after a hawkish‑sounding Federal Reserve rate cut and a brutal earnings reaction in Oracle. ^[1]

While the Dow Jones set a fresh record, the Nasdaq dropped nearly 1% and many crypto equities moved sharply lower, underscoring how sensitive the sector remains to swings in risk appetite, AI sentiment and Bitcoin itself. ^[2]

Market Snapshot: Bitcoin, Equities and Key Crypto Stocks

Bitcoin and macro backdrop

Bitcoin briefly traded below $90,000 before recovering to around $90,000–$90,300, down roughly 2–3% on the day as risk sentiment soured following AI‑related tech weakness and the Fed’s latest rate cut. ^[3]
The Federal Reserve delivered its third 25 bps cut of 2025, bringing the funds rate to 3.50–3.75%, but Chair Jerome Powell signalled a pause in further easing, leaving markets unsure how quickly cuts will continue into 2026. ^[4]
A sharp sell‑off in Oracle on fears of over‑extended AI spending hammered AI‑infrastructure names and weighed on broader risk assets, including crypto and miners. ^[5]

US‑listed crypto stocks (approximate moves, US session 11 Dec 2025)

From late‑session prices:

Coinbase (COIN) – ~$263.95, down about 4% on the day
Marathon Digital (MARA) – ~$11.52, down about 3.3%
Riot Platforms (RIOT) – ~$15.00, down about 3.7%
CleanSpark (CLSK) – ~$14.11, down about 2.9%
Hut 8 (HUT) – ~$44.49, down about 3.4%
MicroStrategy (MSTR) – ~$173.67, down about 6%
BlackRock iShares Bitcoin ETF (IBIT) – ~$50.90, down about 3%

The pattern is classic high‑beta crypto: spot Bitcoin down a couple of percent; the ETF magnifies that slightly; miners and “Bitcoin‑on‑balance‑sheet” plays move 1–2x as much.

Coinbase in Focus: USDC Rewards Paywall and Chainlink Deal

1. Stock performance

Coinbase, the bellwether US crypto exchange, fell roughly 4% to around $264, underperforming Bitcoin itself, even as the broader Dow hit record territory. ^[6]

2. USDC rewards go behind a paywall

Two overlapping stories from today help explain the pressure on COIN:

USDC rewards are being restricted: Coinbase confirmed it will stop paying USDC rewards to non‑paying customers next week. From December 15, only Coinbase One subscribers will earn around 3.5–4% on their USDC balances. ^[7]
Emails sent to customers and follow‑up reporting show that:
- Non‑subscribers will no longer earn yield on idle USDC.
- Rewards for paying users become a premium perk bundled with zero‑fee trading and other benefits.
- The decision comes just as the Fed has cut rates for the third time this year, potentially compressing the interest spread Coinbase earns on USDC reserves. ^[8]

Why it matters

USDC rewards have been a major driver of USDC balances on Coinbase; the company previously attributed a big jump in USDC held on the platform to this program. ^[9]
Moving rewards behind a subscription wall may boost high‑margin Coinbase One revenue, but risks pushback from smaller retail users who relied on free yields.
Strategically, it signals Coinbase is leaning further into a “membership + interest‑spread” model, not just transaction fees.

3. Chainlink CCIP partnership: building the bridge layer

On the infrastructure side, Coinbase also made a major technology announcement:

Coinbase selected Chainlink’s Cross‑Chain Interoperability Protocol (CCIP) as its exclusive bridging solutionfor Coinbase Wrapped Assets (cbBTC, cbETH, cbDOGE, cbLTC, cbADA, cbXRP), which together hold about $7 billion in value. ^[10]
The deal uses Chainlink’s oracle networks – which already secure a large share of DeFi TVL – to move wrapped assets across multiple blockchains. ^[11]

This positions Coinbase more firmly as infrastructure for multi‑chain finance, not just a centralized exchange. For investors, the news is structurally positive but is being overshadowed today by macro risk‑off and the USDC rewards controversy.

4. Analyst sentiment

Recent analyst actions highlighted in today’s coverage include: ^[12]

Goldman Sachs reaffirming a Neutral on COIN with a $294 target, seeing regulatory tailwinds but balanced by valuation concerns.
Argus downgrading Coinbase from Buy to Hold, arguing the stock’s run has already priced in much of the long‑term growth.

Net‑net, Wall Street is constructive but cautious, and on a day when crypto is selling off, those “valuation rich” arguments are getting more attention.

Bitcoin Miners Under Pressure as AI Jitters Hit High‑Beta Names

Bitcoin miners — effectively leveraged plays on BTC with heavy exposure to power markets — were uniformly red in Thursday trade.

Price action

Approximate end‑of‑day moves: ^[13]

Marathon Digital (MARA) and Riot Platforms (RIOT): down about 3–4%
CleanSpark (CLSK) and Hut 8 (HUT): down roughly 3%
MicroStrategy (MSTR): down nearly 6%, hit both by Bitcoin weakness and concerns around AI‑bubble contagion highlighted in mainstream coverage.

Earlier in the US day, separate reporting noted that CleanSpark and Hut 8 were among the hardest‑hit miners, with intraday declines just over 3%, while other miners like Riot, Marathon and Core Scientific also sold off alongside Bitcoin and crypto futures. ^[14]

Fundamental backdrop: pivot to AI and power monetization

Several medium‑term themes frame how analysts are reading today’s price weakness:

CleanSpark’s November update & AI strategy
- CleanSpark reported 587 BTC mined in November, an operational hashrate around 50 EH/s, and 1.45 GWof power under contract. ^[15]
- It also closed a zero‑coupon $1.15 billion convertible note offering and emphasized that new capital will fund data‑center and power expansion, including AI/HPC‑ready capacity at its big Texas site. ^[16]
Management continues to frame CleanSpark as sitting at the intersection of Bitcoin, energy and compute, aiming to lease capacity to AI and HPC customers while preserving optionality to redirect power back to mining when economics improve. ^[17]
Wall Street’s AI‑miner trade
- A series of notes in late November from JPMorgan and others upgraded Cipher Mining (CIFR) and CleanSpark to Overweight, while trimming targets on Marathon and Riot. ^[18]
- These reports highlight:
  - A rapid shift of roughly 1.7 GW of miner power capacity into high‑performance computing (HPC)by 2026.
  - Much richer valuations for AI/HPC capacity (often $8–17m per MW, sometimes more) compared with traditional BTC mining economics. ^[19]
  - Strong preference for miners that have secured large, long‑term AI hosting deals (Cipher, IREN, CleanSpark) over those that remain more purely tied to mining (MARA, RIOT).
Structural risk: mining economics and AI competition
- Features and analysis pieces this quarter note that it can now cost many US miners well above $100,000 to produce one Bitcoin, putting less efficient operators at or below breakeven with BTC around $90,000. ^[20]
- A widely discussed Wired report today underscores that many large miners are pivoting to AI data centers, signing multibillion‑dollar hosting deals with hyperscalers like Amazon, Microsoft and Google — but warns this could ultimately reduce hashpower on the Bitcoin network and concentrate mining in the lowest‑cost jurisdictions. ^[21]

Put together, Thursday’s selling is happening against a backdrop where Wall Street is rewarding AI‑pivot miners and becoming more selective about “pure‑play” BTC exposure.

Treasury Bitcoin Plays: MicroStrategy and New Entrants

MicroStrategy (MSTR)

MicroStrategy, the original “Bitcoin treasury” stock, slid almost 6%, underperforming both Bitcoin and miners. ^[22]

Beyond simple BTC beta, investors are watching potential index‑provider changes: recent coverage suggests MSCI is considering excluding companies that hold large digital‑asset treasuries from some of its benchmarks after criticism from more conservative asset managers. That would be a headwind for MSTR and similar names if implemented. ^[23]

Lion Group (LGHL): a micro‑cap treasury pivot

At the opposite end of the market‑cap spectrum, Lion Group Holding (LGHL) announced today that it:

Bought 88.49 BTC for $8 million, funded via a $600 million convertible note facility, and
Explicitly framed Bitcoin as a core reserve asset in its corporate treasury. ^[24]

LGHL is tiny and highly speculative, but the move illustrates how smaller financial firms are still using convertible financing to build BTC treasuries, even as larger institutions tread more cautiously.

Why Crypto Stocks Fell Today: Fed, AI and Risk Appetite

Today’s combination of macro and sector‑specific news created a perfect risk‑off cocktail for crypto equities:

A “hawkish” rate cut
- The Fed delivered the third straight 25 bps cut, but emphasized a move back to “neutral” policy and uncertainty over further cuts, rather than signalling a rapid easing cycle. ^[25]
- For Bitcoin and miners, slower‑than‑hoped easing means:
  - Higher real yields for longer.
  - Less urgency for institutions to chase inflation hedges or high‑volatility assets.
AI bubble fears spill into crypto
- Oracle’s results and spending plans triggered a 14% plunge in the stock and stoked talk of an AI bubble, dragging down chips, cloud infrastructure — and AI‑exposed Bitcoin miners. ^[26]
- Reuters explicitly flagged that AI bubble concerns also hurt crypto stocks, noting losses in names like MicroStrategy and Bit Digital as Bitcoin slipped back under $90,000. ^[27]
Bitcoin’s failure to hold post‑Fed gains
- BTC had spiked above $93–94k after the Fed cut, but multiple analyses today describe failed attempts to break that resistance and a retreat towards $88–90k support. ^[28]
- That reversal — from “Fed cut rally” to “rate‑cut disappointment” — undermined the bull narrative and left miners and Coinbase exposed to profit taking.

Forecasts and Analyst Outlook: Bitcoin and Crypto Equities

Even as prices fall today, fresh forecasts and technical analyses sketch out what could come next.

Bitcoin price outlook

Strategists trim long‑term targets
- Standard Chartered this week cut its end‑2025 Bitcoin target from $200,000 to $100,000, arguing that corporate “Bitcoin treasury” buying is largely done and that future gains will depend mostly on ETF inflowsrather than balance‑sheet adoption. ^[29]
Key technical levelsAcross several analyses published today: ^[30]
- Resistance
  - Immediate resistance is in the $93,000–$94,000 zone — the area where recent breakouts have repeatedly failed.
  - A sustained break above $95,000–$100,000 would likely reignite talk of a move back toward prior highs above $120k.
- Support
  - First key support: around $88,000–$89,000 (today’s lower trading band).
  - Deeper support: $84,000–$86,000, and then around $85,000 on some Fibonacci‑based analyses.
- Indicators
  - Momentum tools like MACD and RSI have tilted bearish but are not yet in panic territory, suggesting more of a grinding correction than a full‑scale capitulation so far.
Several commentators note that, with on‑chain realized losses still moderate, a “buy‑the‑dip” narrative could re‑emerge if Bitcoin stabilizes above the mid‑80k support area and ETF outflows slow. ^[31]

Outlook for crypto stocks and miners

Miners: bifurcation between AI‑pivot and pure‑play
- JPMorgan and others have clearly signalled a preference for:
  - AI/HPC‑pivot miners like Cipher (CIFR), CleanSpark (CLSK) and IREN, which now boast large, long‑term AI hosting contracts and high‑value critical IT capacity. ^[32]
  - Over more traditional miners like Marathon and Riot, which retain heavier reliance on Bitcoin price alpha and share issuance. ^[33]
- The consensus: miners are entering a “higher‑conviction” AI phase, but crypto‑exposed power and equity investors are increasingly valuation‑sensitive and selective.
Coinbase and exchanges
- For Coinbase, the long‑term story remains tied to:
  - Structural growth in spot Bitcoin ETFs and on‑chain activity.
  - Expansion of underlying infrastructure, like today’s Chainlink CCIP deal. ^[34]
  - New revenue levers — subscriptions (Coinbase One), staking, derivatives — that are less sensitive to trading volume cycles.
Yet the USDC rewards paywall is a reminder that subscription strategies can also create headline and regulatory risk, especially when implemented just as rates fall and retail yields shrink. ^[35]
Treasury Bitcoin plays
- For names like MicroStrategy and micro‑caps such as LGHL, analysts increasingly treat them as high‑beta, leveraged BTC trackers with additional idiosyncratic risks like convertible dilution and index‑eligibility uncertainty. ^[36]

What Today Means for Investors

For traders and longer‑term allocators watching crypto equities today, a few themes stand out:

Beta is still the boss
- When Bitcoin rolls over from 94k to around 90k and AI sentiment sours in the same session, crypto stocks almost inevitably sell off harder. That’s what we saw today across COIN, MARA, RIOT, CLSK, HUT, MSTR and IBIT. ^[37]
Quality and strategy gaps are widening
- Wall Street is drawing sharper lines between:
  - AI‑pivot miners with contracted HPC revenue,
  - Operationally efficient miners with strong balance sheets, and
  - High‑dilution, pure‑play miners whose fortunes ride almost entirely on the next Bitcoin leg up. ^[38]
Crypto‑financial hybrids (Coinbase, LGHL, MSTR) sit in their own bucket
- Coinbase is gradually morphing into a hybrid of exchange, stablecoin bank and infrastructure provider, but remains very sensitive to volumes and regulatory headlines.
- MicroStrategy and new treasury players like LGHL offer leveraged exposure to BTC with corporate‑finance complexity attached — convertibles, index inclusion risk, treasury‑management choices. ^[39]
Macro still matters more than narratives
- Even with bullish long‑term stories — AI data centers, ETF adoption, on‑chain innovation — Fed policy, AI‑bubble fears and dollar/yield moves are still the biggest near‑term drivers of prices. Today was a textbook case of that dynamic. ^[40]

Bottom Line

On December 11, 2025, US‑listed crypto stocks closed mostly lower:

Bitcoin is holding the $90k line but has clearly lost momentum after failing around $93–94k.
Coinbase is caught between promising infrastructure deals and controversial monetisation moves like the USDC rewards paywall.
Miners are being sorted into winners and laggards based on their AI/HPC strategy, power portfolio and balance sheet discipline, not just hashrate.
Treasury BTC plays remain ultra‑volatile expressions of macro and liquidity expectations.

For now, crypto stocks remain leveraged macro bets with strong idiosyncratic overlays. Until Bitcoin reclaims resistance and ETF flows turn decisively higher, days like today — where macro jitters and AI fears collide — are likely to keep the sector volatile and tightly correlated to the broader risk trade.

This article is for information and news purposes only and does not constitute investment advice. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.