Bitcoin-linked equities moved lower Friday as Strategy (NASDAQ: MSTR), Nakamoto Holdings (NASDAQ: NAKA), and Strive (NASDAQ: ASST) traded down in early market action as bitcoin dropped below $100,000. The digital currency is down 4% on the day at $96,485 at the time of publication.
Of the three companies mentioned above, NAKA fell the furthest, down 6%, while MSTR and ASST slipped 4% and 2%, respectively.
NAKA’s decline comes after months of heavy selling pressure, as documented in an October 2025 investor memo from B. Riley Securities. The bank noted that NAKA shares had dropped 94% since July 1 and 44% year-to-date as of mid-October. According to the memo, the selloff stemmed from the company’s $5 billion at-the-market equity offering, a $30 million investment in Metaplanet (MPTLF), and insider sales following the expiration of PIPE lock-ups.
Strategy, on the other hand, continues to be a stalwart for the industry, although its stock price has also suffered as of late. In recent news, the Virginia-based firm was assigned a B- issuer credit rating by the S&P rating agency. The rating is expected to open new credit markets for the firm as it continues to purchase Bitcoin.
Meanwhile, Strive continues efforts to expand its capital base following the completion of a $149.3 million oversubscribed initial public offering for its SATA preferred shares, according to company statements. While down 76% over the last 6 months, Strive is still up 131% year-to-date.
