Bitcoin News Today: Nasdaq Cranks Up Crypto Capital Controls Amid Regulatory Uncertainty

Nasdaq has intensified its scrutiny of publicly traded firms raising capital to acquire cryptocurrencies, according to recent reports. This development comes as a growing number of U.S.-listed companies pursue strategies to allocate capital into digital assets, raising concerns about governance, transparency, and market integrity. As of the latest data, 154 U.S.-listed companies have announced plans to raise over $98 billion in capital since January for crypto purchases, with most of these firms listed on Nasdaq. The trend reflects a broader shift in corporate balance sheet management, as companies seek to diversify their holdings in an era of macroeconomic uncertainty.

According to internal sources cited by The Information, Nasdaq has begun requiring shareholder approval for some deals and is demanding enhanced disclosures from companies seeking to raise funds for crypto acquisitions. The exchange is also reportedly prepared to suspend or delist firms that fail to comply with its heightened standards. This increased oversight may slow down deal timelines and introduce regulatory uncertainty, particularly for firms aiming to raise capital during favorable market conditions. Some companies have reportedly adapted by exploring more complex financial structures and token strategies to execute their strategies.

Among the most prominent entities in this space are companies like Strategy, led by Michael Saylor, and BitMine Immersion, founded by Tom Lee, which are regarded as the two largest digital asset treasury (DAT) companies. These firms, along with others, have become focal points for regulatory and market attention due to their aggressive capital-raising efforts and strategic crypto allocations. The Architect Partners data further underscores the concentration of these activities within Nasdaq-listed companies, highlighting the exchange’s central role in shaping this emerging segment of the market.

The regulatory tightening follows a broader trend in the public markets, where companies are increasingly treating Bitcoin and other cryptocurrencies as strategic balance sheet assets. This trend has drawn comparisons to historical financial instruments such as Fannie Mae and Freddie Mac, where private entities serve public missions. However, the lack of a uniform regulatory framework has led to diverging approaches among firms, with some opting for more opaque or speculative structures to navigate the evolving landscape.

Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, has argued that a U.S. government-backed Bitcoin reserve is likely but would require legislative approval and international coordination, particularly with allies such as Japan. Park emphasized the importance of a deliberate and transparent process, distinguishing between executive orders and enduring legislative mandates. He also noted that most sovereign Bitcoin holdings currently stem from legal seizures rather than open-market purchases, which raises both ethical and practical concerns.

Meanwhile, Japan-based Metaplanet, linked to Eric Trump, has emerged as the sixth-largest Bitcoin holder, surpassing major U.S. firms like Riot Platforms and even outpacing the Trump-owned DJT. Metaplanet is seeking to raise $884 million through a new share issuance to further expand its Bitcoin treasury. However, the announcement did not immediately boost the company’s stock, which fell more than 5% on September 1, 2025.

As the market continues to evolve, the interplay between corporate strategy, regulatory oversight, and geopolitical considerations will remain central to the development of the crypto treasury sector.

Source:

[1] Nasdaq tightens scrutiny of companies raising cash to buy crypto-report (https://www.theblock.co/post/369497/nasdaq-tightens-scrutiny-of-companies-raising-cash-to-buy-crypto-report)

[2] No US Bitcoin Reserve Without Japan, Bitwise Exec Argues (https://www.mitrade.com/insights/news/live-news/article-3-1093791-20250904)

[3] Eric Trump-linked firm becomes 6th largest Bitcoin holder (https://finance.yahoo.com/news/eric-trump-linked-firm-becomes-165341964.html)