BUZZ-Australia-listed shares of Block tumble as bitcoin weakens

Reuters2025-03-07

** ASX-listed shares of fintech firm Block XYZ.AX slump 1.6% to A$94.465, their lowest levels since October 2024

** U.S. President Donald Trump signs executive order to establish a strategic bitcoin reserve

** However, U.S. crypto czar David Sacks says the U.S. will not acquire additional crypto assets

** Bitcoin-based revenue makes up ~40% of the firm's total revenue

** BTC lost 3.3% following Sacks' remarks, and is close to the key support level near $86,400

** Stock has lost 33% YTD vs the information technology index's .AXIJ losses of 9.7%

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))

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