Bitcoin prices plummeted Thursday evening following news that Elon Musk’s SpaceX had sold off its entire cryptocurrency holdings. This had a negative knock-on effect on stocks related to the industry, such as Coinbase (COIN), Marathon Digital (MARA) and Riot Platforms (RIOT), all of which saw their share prices drop.

SpaceX documents seen by The Wall Street Journal showed that the private space company had written off the value of their Bitcoin holdings in 2020 and 2021. Tesla (TSLA) had also sold 75% of its Bitcoin shares over the past year.

The price of Bitcoin dropped to as low as $25,392.05 Thursday evening, however, it later rebounded to around $26,800 – a 7% decline from the previous 24 hours.

COIN shares fell 5%, MARA 6%, and RIOT 3%.

To learn more, follow Ed Carson on Twitter @IBD_ECarson for stock market updates and more.

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