Key takeout
- NASDAQ currently requires the approval of shareholders of companies that issue shares to purchase crypto.
- Strategy, Bitmine, Sharplink and Ethzilla stocks fell below $110,000 along with Bitcoin’s decline and below the broader crypto market.
Cryptocurring stocks fell on Thursday after NASDAQ introduced new rules that required shareholder approval before issuing new shares to fund cryptocurrency purchases.
Nasdaq said the change is intended to maintain market integrity as companies raise large amounts of funds and purchase crypto assets through complex structures. A company that cannot comply with the risk of suspension or delisting.
Crypto-related stocks and tokens were sold after NASDAQ announced new shareholder approval rules. The strategy fell to 3.5% before reducing the loss to 2% by noon, while Bitmine Immersion fell by almost 9%, Sharplink Gaming fell by 11%, and Ethzilla fell by 9% before recovering.
Bitcoin slipped 2.5% to $109,500, below the $110,000 key level, 3% over $4,300, and Solana went 3.5% off to $204. According to Coingecko, the broader crypto market has dropped 2.2% in the last 24 hours, with total capital down to $3.8 trillion.
