Crypto Stocks Have Erased $200 Billion in Value Since Bitcoin’s Peak

Crypto companies have been pummeled over the last six months as Bitcoin’s price was cut in half amid a broader rout in global risk assets. A basket of 25 US-listed cryptocurrency-related stocks has seen roughly $200 billion in market value erased since the world’s largest digital token reached a record high in early November, according to data compiled by Bloomberg. Large-cap names with exposure to the crypto space including Block Inc., Coinbase Global Inc. and Robinhood Markets Inc. are among the hardest hit, losing three-quarters of their market capitalization on average over that span.