MARA Holdings' stock experienced a significant intraday plummet of 8.16% on Friday, continuing a period of selling pressure for the crypto-related company.

The sharp decline follows the release of the company's disappointing first-quarter preliminary financial results earlier in the week. Revenue fell year-over-year, primarily attributed to an 18% decline in the average Bitcoin price during the quarter. Furthermore, the company recorded a substantial $1 billion non-cash charge related to the fair value of its digital assets, as Bitcoin prices dropped 22% from the end of December to the end of March.

The negative sentiment extended across the broader Application Software sector, with several other crypto-related names also trading lower during the session.