Block shares closed down more than 8%, marking a 52-week low on Wednesday.
The digital payment firm, formally known as Square, saw a fall in stocks as part of a recent sell-off in growth names and risky assets amid concerns of Fed rate hikes.
Since changing its corporate name on December 1, 2021, to align with its increasing focus on blockchain, the company was down about 26%.
On the day Square publicly announced its name change to Block, bitcoin was trading at around $57,000, whereas a month later, the cryptocurrency is now trading at 19% below that level as of Wednesday afternoon.
A month after changing …
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