Bitcoin datacenter provider Applied Blockchain stock tumbles 20%

Bitcoin datacenter provider Applied Blockchain (APLD) saw its stock tumble 20% midday Thursday, following the cryptocurrency market lower. Shares of APLD opened at $2.26 before sliding. The stock recently changed hands at $1.97, down 20%, at approximately 11:35 a.m. ET. The crypto market has been under heavy pressure in recent days, with bitcoin sinking to levels not seen since late 2020. APLD, which provides datacenter hosting for bitcoin and other blockchain networks, uplisted its stock to Nasdaq on April 13 after conducting a 1-for-6 reverse stock split. It also held an initial public offering, offering 8M shares at $5 per share to raise around $40M.