Nasdaq cracks down on companies raising funds for cryptocurrency purchases
According to The Information, the Nasdaq stock exchange is increasing scrutiny of publicly listed companies that raise funds to accumulate cryptocurrency.
The report states that Nasdaq has begun requiring shareholder votes on certain deals and is demanding additional disclosures. The exchange also reserves the right to halt trading or delist companies that fail to comply with these requirements. Following this news, shares of several Digital Asset Treasury (DAT) firms fell sharply.
Specifically, shares of Strategy Inc. dropped over 3%, Bitmine fell 8%, and Sharplink Gaming nearly 9%.
This stricter oversight comes amid a surge in capital-raising aimed at acquiring digital assets for corporate balance sheets. Since January, 154 U.S.-listed companies have announced plans to raise approximately $98.4 billion for cryptocurrency purchases, Financial Times reports, citing data from consulting firm Architect Partners, which tracks such activity. This figure far exceeds the roughly $33.6 billion raised by 10 companies before 2025.
What changes could be coming?
Tougher rules may extend deal timelines and increase uncertainty at a time when public companies are trying to raise capital during favorable market windows. Reports also indicate that some companies are exploring more complex structures and token strategies inspired by Strategy’s Bitcoin-heavy treasury model.
The Largest Public Crypto Treasury Companies. Source: The Block
Architect Partners notes that most issuers raising capital for crypto acquisitions are Nasdaq-listed, including Michael Saylor’s Strategy, a Bitcoin treasury bond firm, and Tom Lee’s BitMine Immersion, specializing in Ethereum treasury bonds. As of September 4, 2025, these two companies are the largest DATs, according to The Block.
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