Coinbase’s stock tumble after SEC suit weighs on other crypto-related shares

The selloff Tuesday in shares of Coinbase Global Inc.
COIN,
-12.09%,
after the company became the second cryptocurrency exchange that was sued by the U.S. Securities and Exchange Commission in two days, weighed on the stocks of other crypto companies. Coinbase’s stock tumbled 21.5% toward a five-month low in premarket trading, after shedding 9.1% on Monday after the SEC charged rival Binance Holdings Inc. with securities fraud. Among others in the crypto business, shares of Marathon Digital Holdings Inc.
MARA,
+9.68%
slid 2.4% after dropping 8.4% on Monday, Riot Platforms Inc.’s stock
RIOT,
+2.06%
sank 5.7% after losing 8.8% on Monday and MicroStrategy Inc. shares
MSTR,
+8.13%
shed 2.8% after giving up 8.5% the day before. Meanwhile, bitcoin
BTCUSD,
+1.00%
declined 1.1% toward a 2 1/2-month low, as futures
ES00,
+0.10%
for the S&P 500
SPX,
+0.24%
eased less than 0.1%.