Key Takeaways

Which company faced the largest stock drop, and why?

Helius Medical Technologies (HSDT) saw the largest decline, with stock plunging 33.6% after announcing its first Solana purchase of 760,190 tokens for $175.6 million.

How did other notable companies perform?

Strive Inc. (ASST) dropped 4.6%, while Metaplanet and MSTR saw minor declines of 3.13% and 2.56%, respectively.

The crypto market continues to navigate choppy waters, and ripple effects are showing across related sectors.

On the 22nd of September, U.S. crypto-linked stocks experienced a mixed session.

Investors reacted cautiously to recent moves by crypto treasury firms, even as the market welcomed news of fresh crypto pivots and acquisitions.

Early trading saw declines in several crypto-focused equities across U.S. and Canadian markets, coinciding with Bitcoin [BTC] slipping below $113,000 for the first time in nearly two weeks.

Crypto stocks that tumbled

Leading the day’s losses was medical device firm Helius Medical Technologies (HSDT), whose stock plunged 33.6% after revealing its first acquisition of Solana [SOL].

This was despite the company spending over $175.6 million to acquire 760,190 SOL at an average price of $231. 

Adding to the fray were the stocks of CEA Industries (BNC), a Binance [BNB] treasury-backed firm founded by Changpeng Zhao, which also suffered.

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Author: Ishika Kumari