Crypto-linked stocks fell Thursday after Nasdaq introduced new rules requiring some companies to obtain shareholder approval before issuing new shares to fund crypto purchases. Nasdaq said the change is aimed at preserving market integrity as companies raise large sums through complex structures to purchase crypto assets. Firms that fail to comply risk suspension or delisting.
Crypto-related equities and tokens sold off after Nasdaq announced the new shareholder approval rules. Strategy fell as much as 3.5% before paring losses to 2% by midday, while BitMine Immersion dropped nearly 9%, SharpLink Gaming tumbled 11%, and Ethzilla plunged 15% intraday before recovering to trade down 9%. Bitcoin slipped 2.5% to $109,500, falling below the $110,000 key level, with Ether down more than 3% at $4,300 and Solana just above $204, off 3.5%. The broader crypto market shed 2.2% over the past 24 hours, with total capitalization declining to $3.8 trillion, according to CoinGecko.
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