Nasdaq is increasing scrutiny of public companies that raise capital to buy cryptocurrency, a move that sent already-volatile crypto-treasury stocks sharply lower on Thursday.
According to reporting by The Information, the exchange is expected to require some firms to obtain shareholder approval before selling shares to fund crypto purchases and could suspend or delist companies that do not comply. The potential change targets a wave of companies that surged by using equity raises to accumulate digital assets.
Major market benchmarks slipped alongside the news, with bitcoin, ether and solana down roughly 2–4%. BTC was trading near $109,802.67 and SOL near $204.14 as investors reassessed exposure.
Several crypto-treasury names saw outsized moves: KindyMD (NAKA) fell about 16% on Thursday and is roughly 80% below its Aug. 15 post-merger level (more than 90% off its late-May peak). American Bitcoin (ABTC) dropped about 20% a day after listing on Nasdaq. Metaplanet (MTPLF) slid 8.6% and sits roughly 70% below its late-May high. Ether-focused firms such as Bitmine Immersion (BMNR) and Sharplink Gaming fell 8.6% and 10.5% respectively, each down substantially from earlier 2025 peaks.
By contrast, Michael Saylor’s Strategy (MSTR) has been comparatively resilient, down only about 1.8% on Thursday and roughly 30% from its 2025 high.
Why it matters: Exchange-level rule changes can alter the economics and governance of corporate treasury strategies almost overnight. Requiring shareholder sign-off or threatening suspension/delistings raises the bar for companies that finance crypto purchases with equity, increasing execution risk and potential dilution for investors.
Investor note: Market reactions underline how quickly policy and listing-rule shifts can amplify volatility in speculative sectors. Readers should factor governance, liquidity and regulatory uncertainty into any exposure to crypto-treasury stocks.
Source: The Information. Read the original coverage for full details.
