Nasdaq Rule Change Sparks Crypto Stock Plunge, BTC and ETH Slide

Nasdaq recently announced a rule change requiring shareholder approval for companies to issue new shares to buy crypto, sparking a plunge in crypto stocks and a 2-3% decline in Bitcoin and Ether. MicroStrategy, which pioneered the strategy, saw its shares fall 3% intraday. Other crypto-focused companies, including BitMine Immersion and SharpLink Gaming, also plummeted. The change aims to preserve market integrity and give shareholders visibility into complex capital raises.

Nasdaq has recently implemented new regulations aimed at preventing listed firms from hoarding tokens, sending crypto treasury stocks lower. The move, announced on September 2, 2025, requires companies seeking to issue new shares to fund crypto purchases to obtain shareholder approval. This aims to ensure investors understand the company’s strategy, especially as more firms pivot to holding crypto on their balance sheets [4].

The new requirements could potentially delay transactions and add uncertainty to the market’s crypto expansion. Companies failing to comply may face de-listing or trading suspensions from Nasdaq. According to Architect Partners, a crypto advisory firm, 124 US-listed companies have announced plans to raise over $133 billion for crypto purchases this year. Of these, 94 companies are listed on Nasdaq, compared to 17 on the New York Stock Exchange [4].

The rule change triggered immediate market consequences. Bitcoin BTC $110 695 24h volatility: 1.2% Market cap: $2.20 T Vol. 24h: $38.80 B fell 2% intraday before recovering near $110,000 at press time. However, crypto miners and related stocks saw heavier bearish impact. Data from Companiesmarketcap showed all top nine publicly listed miners booked Thursday losses. Iris Energy (IREN) declined 7.39% to $26.12, while Marathon Digital (MARA) slid 4.41% to $15.19. Riot Blockchain (RIOT) dipped 1.33%, and Core Scientific (CORZ) closed 0.15% lower [2].

Major corporate Bitcoin buyers, such as Strategy (MSTR) and Bitmine Immersion (BMNR), also saw significant intraday losses. The sector-wide sell-off reflected investor caution in response to Nasdaq’s tightening regulatory procedures around crypto acquisition [2].

The new Nasdaq rules may impact companies like BitMine and American Bitcoin, which have been aggressively accumulating cryptocurrencies. However, the long-term impact of these rules on the crypto market remains to be seen. For now, investors should closely monitor the developments and the potential effects on their portfolios.

References:
[1] https://www.ainvest.com/news/nasdaq-tightens-rules-crypto-treasury-companies-sending-stocks-2509/
[2] https://cryptorank.io/news/feed/25d3a-top-9-crypto-miners-in-red-as-new-nasdaq-rules-spark-stocks-sell-off