Crypto Stocks Reel from Q4 Earnings Misses and Revenue Shortfalls

Crypto-linked stocks took a hit in overnight trading, led by Robinhood's (HOOD) nearly 8% slump after missing Q4 earnings and revenue estimates. HOOD shares fell to $0.66 per share, below analyst expectations of $0.68.

Revenue came in at $1.28 billion, short of the consensus estimate of $1.34 billion. HOOD's stock dropped 7.98% after hours, extending its 1.11% loss during regular trade.

Coinbase Global (COIN) and Circle Internet Group (CRCL) also declined in overnight trading, with COIN's stock down 1.18% following a cut to Citi's price target from $505 to $400 but maintaining a 'Buy' rating.

Michael Saylor-led Strategy (MSTR) plans to continue buying Bitcoin every quarter, citing potential returns two to three times stronger than the S&P 500 in the long term. The overall cryptocurrency market was down 2.6% in the last 24 hours to around $2.36 trillion.