Main Points ：
- Nasdaq now mandates shareholder approval for certain companies issuing shares to purchase cryptocurrency.
- Firms failing to comply may face trading suspension or delisting, increasing regulatory risk.
- This oversight follows a surge in public firms using equity as capital to accumulate crypto, with raises exceeding $130 billion projected.
- Major “crypto-treasury” stocks like Strategy, BitMine, SharpLink plunged upon announcement; Bitcoin and broader crypto indices also dipped.
- The tightening may slow down fast-moving fundraising deals, introducing legal and procedural uncertainty.
- U.S. regulatory landscape evolving in tandem: SEC is preparing crypto-friendly rulemaking and potential listing of crypto assets on national exchanges.
- Institutional momentum continues: Galaxy Digital, Komainu’s Nasdaq approval, and a wave of crypto-focused IPOs signal resilience and adaptation.
Nasdaq’s New Crypto-Treasury Rule and Its Rationale
Nasdaq has recently announced enhanced oversight for publicly traded companies that issue equity to finance cryptocurrency purchases. Effective immediately for certain firms, shareholder approval is now mandatory before they can proceed with new share issuances aimed at accumulating digital assets.
Nasdaq also reserves the right to suspend trading or delist companies that fail to comply, signaling a tougher enforcement stance. These measures are designed to ensure transparency and protect investors amid the increasing use of crypto accumulation as a financial strategy.
Market Reaction: Crypto-Treasury Stocks Plunge
The announcement triggered immediate market consequences. Notable crypto-treasury stocks such as Strategy (MicroStrategy), BitMine Immersion, SharpLink Gaming, and Ethzilla saw steep intraday declines — some losses exceeded 10 %, though partial recoveries occurred by day’s end.
Simultaneously, Bitcoin fell below the critical $110,000 support level, showing a drop of around 2.5 %. Ether and Solana also declined — more than 3 % and 3.5 %, respectively, shrinking the total crypto market capitalization in the process.
Size and Scope of Crypto-Treasury Fundraising
This intervention comes amid a steep rise in such strategies: crypto-treasury advisory firm Architect Partners reported that approximately 124 to 184 U.S.-listed companies plan to raise a collective $130–133 billion this year to purchase digital assets. While earlier years saw only mediocre activity — for example, just around $33 billion by 10 firms before 2025 — the current scale is historically unprecedented.
Legal and Strategic Implications
The requirement for shareholder approval introduces new complexities to capital raises. Previously, firms could move quickly to issue equity and buy crypto in response to market trends. Now, the process demands extra governance steps, potentially delaying execution and reducing agility.
Bankless analysts suggest that restricting the pace of crypto-treasury strategies may impair high-flying stocks that rely on rapid asset accumulation, potentially altering investor sentiment and the business model of these firms.
Regulatory Environment Beyond Nasdaq
This move aligns with broader changes in U.S. cryptocurrency regulation. The SEC has unveiled a new rulemaking agenda that includes defining digital asset offerings, considering exemptions, safe harbors, and potentially allowing crypto trading on national securities exchanges and alternative trading systems. This reflects a more crypto-friendly approach compared to prior stringent regulatory policies, including dropped enforcement cases and efforts to streamline disclosure requirements.
Earlier in the year, the SEC also established a task force to craft a regulatory framework for digital assets, focusing on clarity, disclosure, and registration pathways.
Institutional Developments & Market Validation
Despite regulatory tightening, institutional interest in crypto remains robust. Galaxy Digital’s CEO Mike Novogratz, in a Barron’s interview, described the current environment as a new “crypto era,” highlighting Galaxy’s public listing via Nasdaq and a $4 billion fundraising plan for its Texas data center.
Komainu — a Nomura-led crypto custody firm — received Nasdaq approval as a core custodian for its crypto index suite, signaling growing integration of institutional infrastructure with mainstream finance.
Meanwhile, August’s “crypto summer” saw a wave of IPOs from firms like Galaxy Digital, Circle, eToro, and others, alongside institutionally backed public market entries. Further, MicroStrategy recently lost its “controlled company” exemption due to its equity issuance for Bitcoin purchases — reinforcing the consequences of strategic crypto treasuries.
Summary: Strategic Outlook for Crypto-Inclined Companies
In sum, Nasdaq’s new rule signals increased scrutiny of firms that use equity for digital asset accumulation. While intended to protect shareholders and preserve market integrity, it will slow down the execution of crypto strategies and may chill speculative treasury moves.
At the same time, broader regulatory reform and institutional adoption suggest a maturing crypto ecosystem. Companies will need to balance strategic ambition in blockchain utilization with rigorous compliance, stronger governance, and investor engagement.
Conclusion
Nasdaq’s policy shift marks a significant inflection point in the evolving landscape of crypto and capital markets. While it may challenge the rapid momentum of crypto-treasury stocks, it also reflects a growing demand for accountability in crypto finance. Overall, this trend likely contributes to greater legitimacy and long-term sustainability in the asset class — provided companies adapt effectively.
