US–China Tariff Fears Hit Bitcoin Treasury Stocks

Donald Trump announced that he would impose an additional 100% tariff on Chinese products starting Nov. 1, in strong retaliation against China’s decision to restrict exports of rare earth materials essential for high-tech manufacturing.

Markets reacted sharply to the announcement, with the S&P 500 index falling 2.7% from the previous day. The news triggered widespread volatility across global equities, leading crypto-related stocks to post steep declines as investor risk appetite weakened.

Crypto Stocks Lead Double-Digit Market Sell-Off

The renewed trade tensions between the US and China sparked a broad market sell-off that directly hit crypto-related stocks. As of Friday’s market close in New York, leading digital-asset companies saw sharp declines across the board.

Global cryptocurrency exchange Coinbase (COIN) closed at $357.01, down 7.75% from the previous close of $387. The stock opened at $387.66 and fell as low as $351.63 during the session, reflecting investors’ growing risk aversion.

BLSH stock performance over the past day / Source: Yahoo Finance

Crypto financial-services firm Bullish (BLSH) also posted steep losses, dropping 9.42% to $60.37 from the prior close of $66.65. The stock briefly touched $68 earlier in the day but fell to $60.25 amid broader market weakness.

Japan-based Bitcoin treasury company Metaplanet (MTPLF) ended 2.25% lower at $3.48, compared with the previous close of $3.56. Although it rose to $3.65 intraday, the gains were short-lived as the stock turned lower later in the session.

Bitcoin mining firm MARA Holdings, Inc. (MARA) suffered one of the steepest declines, finishing down 7.67% at $18.65. The stock plunged sharply around 11 am after an early rebound attempt and continued to weaken in after-hours trading, falling another 1.72% to $18.33, indicating lingering investor anxiety.

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