Nasdaq Tightens Rules on Crypto Treasury Companies, Sending Stocks Lower

Nasdaq is tightening rules on listed firms to prevent token hoarding, sending crypto treasury stocks lower. The move aims to curb valuations by issuing stock to buy tokens. Strategy, a pioneer in crypto treasury, and other companies in the space have seen their shares retreat following the news.

Nasdaq has 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 strategy of Michael Saylor’s firm, a software maker that has acquired $71 billion worth of Bitcoin over the past five years, transforming it into a popular stock, has influenced many companies to follow suit. However, the new Nasdaq rules may slow down this trend.

American Bitcoin, a Bitcoin treasury and mining company linked to the Trump family, began trading on the Nasdaq stock market on September 3, 2025. The company, which is backed by President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, plans to use “self-mining operations and opportunistic Bitcoin purchases” to stand out in a growing field [1]. The company’s listing follows a completed merger with Gryphon Digital Mining.

BitMine Immersion Technologies has positioned itself at the forefront of corporate Ethereum holdings, amassing an estimated 1.87 million ETH in its treasury. This stockpile represents roughly 1.5% to 1.6% of Ethereum’s circulating supply and is currently valued at more than $8 billion [2]. The company has become a leading institutional player in the Ether ecosystem.

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.wsls.com/business/2025/09/03/trump-backed-bitcoin-company-begins-trading-on-nasdaq/
[2] https://financefeeds.com/bitmines-ethereum-treasury-surpasses-sharplinks-by-over-1-million-eth/
[4] https://cryptobriefing.com/crypto-treasury-oversight-nasdaq/