Applied Digital Corp's stock plummeted 5.05% during Monday's intraday trading session, reflecting a broader downturn in cryptocurrency-related equities.

The decline comes as cryptocurrency shares faced significant selling pressure following news that Bitcoin Depot, once the largest operator of crypto ATMs in North America, filed for bankruptcy. The company cited an "unsustainable" business model and has begun winding down operations, taking its network of Bitcoin ATMs offline.

This development has raised concerns about the health of the digital asset infrastructure sector, leading to a widespread sell-off in crypto-related stocks during the trading session.