Crypto stock selloff: MicroStrategy shares plunge 17% as Coinbase, Marathon and Riot also fall

After reporting it missed on earnings, and with the price of bitcoin down, MicroStrategy's shares plummeted on Tuesday by as much as 17% before recovering slightly.

While fellow U.S. crypto stocks like Coinbase, the nation's top exchange, and miners Marathon Digital and Riot Platforms didn't face as large of a selloff, all three companies' shares were also down in midday trading. Coinbase sank as low as 6% while Marathon Digital and Riot Platforms dropped 9% and 7%, respectively.

Following Monday's market close, MicroStrategy reported first-quarter revenue of $115.2 million, which was a 5% decrease year-over-year. The company's shares, which act as a bitcoin proxy given MicroStrategy's main tactic for creating long-term value is by accumulating the cryptocurrency, dropped in after hours trading.

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