Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Bull Trader USA

Block stock hits new 52-week low, down 26% since Square rebrand

Block (SQ) shares hit 52-week lows on Wednesday, closing down more than 8%. The stock slid as part of a recent sell-off in growth names and risky assets amid concerns of Fed rate hikes. 

The digital payment firm, formally known as Square, is down about 26% since announcing its corporate entity name change to Block, on Dec. 1 of last year. 

The switch was seen as a nod to the company’s increasing focus on blockchain, the technology which underpins cryptocurrencies such as Bitcoin (BTC-USD). 

This content is not available due to your privacy preferences.

Update your settings here to see it.

Bitcoin was trading at around $57,000 on the day Square announced its name change to Block. More than one month later, it’s now trading about 19% below that level — at about $46,100 on Wednesday afternoon. 

During that same timeframe, Block’s stock has gone from around $194 per share to about $144.

Jack Dorsey, Block’s founder, chairman, and CEO, is an avid proponent of the decentralized digital currency, often tweeting about Bitcoin and is vocal about his company’s plans to dive further into crypto. 

“Our focus is on helping bitcoin to become the native currency for the internet,” Dorsey said during the company’s earnings call in November 2021. 

Jack Dorsey, co-founder & CEO of Square, attends the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. (Photo by Marco BELLO / AFP)

“We’re going to be building a hardware wallet,” he added. “We’re exploring bitcoin mining, a consumer device to mine bitcoin at home or in a business or Seller businesses, in fact. We believe this focus is important. We believe it’s right.”

Dorsey stepped down as CEO of the social media company Twitter (TWTR) in late November, just days prior to the Square name change announcement. Shares of Twitter declined about 18% last year, compared to gains for all the major averages. 

Other crypto-related stocks were also lower amid a tech sell-off on Wednesday, such as Riot Blockchain (RIOT), Marathon Digital (MARA), and Future Fintech (FTFT).

Yahoo Finance +

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Post a Comment