Crypto Equities HOOD, COIN, MSTR Slide With Broader Market After Oil Hits Five-Week High

Bitcoin miners expanding into AI and data center infrastructure also moved lower despite fresh bullish commentary from Wall Street.

• CRCL’s stock fell around 3% despite Raymond James initiating coverage with a 'Market Perform' rating.
• KEEL’s stock edged 0.7% lower even as BTIG initiated coverage with a 'Buy' rating, noting the company’s AI infrastructure opportunity despite the stock trading lower.
• IREN’s stock also fell after H.C. Wainwright raised its price target following new AI cloud contracts and stronger recurring revenue guidance.

Shares of crypto-linked companies traded lower in pre-market trade on Wednesday, tracking a broader sell-off in U.S. equities after oil prices climbed to a five-week high, with Brent crude pushing past $95 a barrel, amid the ongoing conflict between the U.S. and Iran. 

Robinhood (HOOD), Coinbase (COIN), Michael Saylor-backed Strategy (MSTR), and Circle Internet Group (CRCL) led losses among large-cap crypto-linked stocks. Bitcoin (BTC) miners expanding into AI and data center infrastructure, including Iren (IREN), Keel Infrastructure (KEEL), Hut 8 (HUT), and Cipher Digital (CIFR), also moved lower despite fresh bullish commentary from Wall Street.

The SPDR S&P 500 ETF (SPY) fell 0.25%, the SPDR Dow Jones Industrial Average ETF (DIA) edged 0.08% lower, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) slipped 0.63%. Retail sentiment around QQQ on Stocktwits remained in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter. 

The drop came as escalating tensions in the Middle East pushed oil prices to their highest level since early June. The United States Oil Fund (USO), which tracks the daily price movements of West Texas Intermediate (WTI), rallied nearly 4% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing. 

Wall Street Turns More Bullish on IREN, KEEL Stocks

BTIG initiated coverage of Keel Infrastructure with a 'Buy' rating and an $8 price target, according to a note cited by TheFly. The firm cited the company's roughly 575 megawatts (MW) of approved power capacity across four sites and growing opportunities in AI colocation. It expects rising demand from hyperscalers, neocloud providers, and enterprise AI customers to support long-term growth.

KEEL’s stock still edged about 0.7% lower before the opening bell. Retail sentiment on Stocktwits remained in 'bearish' territory over the past day.

Meanwhile, H.C. Wainwright also raised its price target on IREN stock to $90 from $85 and maintained a 'Buy' rating. The firm cited greater revenue visibility after Iren secured an additional $2.8 billion in multi-year AI cloud contracts and increased its projected 2026 AI cloud annual recurring revenue target to more than $4 billion from $3.7 billion.

Despite the higher target, IREN’s stock slipped around 1.6% in pre-market trading. Retail sentiment remained in 'extremely bullish' territory, although chatter dipped to ‘high’ from ‘extremely high’ levels over the past day.

Crypto-Linked Stocks Follow Broader Market Lower

HOOD’s stock fell over 1% in pre-market trade despite the company announcing that it was expanding the benefits attached to its Platinum Card beyond “traditional” rewards to include a Function Health Membership.  On Stockwits, retail sentiment around HOOD trended in ‘bearish’ territory over the past day. 

COIN’s stock fell about 1% in pre-market trade, while CRCL’s stock dropped roughly 3% after rallying in the previous session. Raymond James also initiated coverage of Circle Internet Group with a 'Market Perform' rating, noting that the stablecoin issuer is well-positioned to benefit from broader USDC (USDC.X) adoption. However, the firm added that Wall Street's current forecasts already reflect much of that expected growth, limiting upside to consensus estimates.

Retail sentiment around Coinbase on Stockwits rose to ‘bullish’ from ‘neutral’ territory over the past 24 hours, while sentiment around Circle remained in the ‘bearish’ zone. Investors continue to watch for progress on the Digital Asset Market CLARITY Act, which many see as the next major catalyst for crypto-related equities.

MSTR’s stock dropped as much as 1.3% in pre-market trade, alongside weakness in Bitcoin. BTC’s price edged 0.5% lower in the last 24 hours, trading at just under $66,000. Retail sentiment around MSTR rose to ‘neutral’ from ‘bearish’ territory over the past day, while sentiment around Bitcoin remained in the ‘bullish’ zone. 

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