Crypto-Linked Stocks Slide Wednesday as Brent Crude Hits Five-Week High Above $95

Shares of crypto-linked companies traded lower in pre-market trading on Wednesday, tracking a broader sell-off in U.S. equities after oil prices climbed to a five-week high, with Brent crude pushing past $95 a barrel amid escalating Middle East tensions.

Robinhood (HOOD), Coinbase (COIN), MicroStrategy (MSTR), and Circle Internet Group (CRCL) led losses among large-cap crypto stocks, falling 1%, 1%, 1.3%, and 3% respectively. Bitcoin miners expanding into AI and data center infrastructure, including Iren (IREN), Keel Infrastructure (KEEL), Hut 8 (HUT), and Cipher Digital (CIFR), also declined despite fresh analyst support. BTIG initiated 'Buy' coverage on KEEL with an $8 price target, citing its 575 megawatts of approved power capacity and AI colocation growth. H.C. Wainwright raised IREN's price target to $90 from $85 following new $2.8 billion AI cloud contracts and revised 2026 annual recurring revenue guidance to more than $4 billion from $3.7 billion.