Management Trading and Close Relations Disclosures

Nasdaq has released an announcement regarding trading by management and close relations of management. The announcement is available in PDF format and includes an attachment titled "2025_43_Trading_By_Management". The views and opinions expressed in the announcement are those of the author and may not reflect those of Nasdaq, Inc.

Nasdaq has recently announced a lock-up agreement that will impact the trading of certain Class C-2 Warrants of Bitmine Immersion Technologies, Inc. The agreement, ending on September 2, 2025, will restrict the transfer of shares by executive officers, directors, and certain beneficial owners for a period of 90 days starting from June 4, 2025 [1].

This lock-up period is part of Nasdaq's broader market regulation framework, which includes both Issuer Surveillance and Trading Surveillance functions. Issuer Surveillance is responsible for verifying and enforcing initial and continued listing qualifications of listed companies, while Trading Surveillance monitors trading activities to uphold market integrity [2]. The lock-up agreement ensures that key stakeholders do not engage in excessive trading or market manipulation during critical periods.

The announcement also details that the executive officers and directors, along with certain beneficial owners holding 5% or more of common stock, are subject to a 180-day lock-up period. This period is designed to prevent insider trading and maintain the integrity of the market. The lock-up agreement is a common practice to ensure that insiders do not exploit their knowledge of the company's future prospects for personal gain.

In addition to the lock-up agreement, Nasdaq has seen increased institutional investment in its stock. T. Rowe Associates Inc. boosted its position in Nasdaq, acquiring an additional 5,114 shares, increasing its total ownership to 594,149 shares valued at approximately $45 million [3]. This investment, along with other institutional holdings, reflects confidence in Nasdaq's performance and future prospects.

The lock-up agreement and increased institutional investment underscore Nasdaq's commitment to maintaining market integrity and investor confidence. The surveillance functions within Nasdaq play a crucial role in ensuring that the market operates fairly and efficiently. The lock-up agreement, while temporary, serves as a reminder of the importance of regulatory oversight in protecting investors and maintaining market stability.

References:
[1] https://www.marketscreener.com/news/certain-class-c-2-warrants-of-bitmine-immersion-technologies-inc-are-subject-to-a-lock-up-agreement-ending-on-2-SEP-2025-ce7c50d3d98af724
[2] https://www.nasdaq.com/sv-se/node/17209721
[3] https://www.marketbeat.com/instant-alerts/filing-price-t-rowe-associates-inc-md-purchases-5114-shares-of-nasdaq-inc-ndaq-2025-08-28/