Benzinga | Sep 24, 2021 10:46AM EDT

Why Bitcoin-Related Stock Sphere 3D Is Trading Lower Today

Sphere 3D Corp. (NASDAQ:ANY) shares are trading lower Friday in sympathy with the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

The crypto markets are declining after The People's Bank of China reiterated its anti-crypto stance and announced that Bitcoin and Ethereum cannot be used as legal tender. China further strengthened its stance by declaring all virtual currency-related activities illegal.

Sphere 3D delivers virtualization technology and data management solutions. It operates in one segment, which is providing data management and desktop and application virtualization solutions for small and medium businesses and distributed enterprises.

Sphere 3D shares were trading about 5.2% lower at $6.13 per share on Friday at the time of publication.