The Nasdaq Stock Market is intensifying its regulatory oversight of companies listed on its exchange that are raising capital to amass cryptocurrency reserves. This move aims to curb speculative tactics where firms leverage digital assets like Bitcoin and Ethereum to boost their stock valuations.
Amid a shifting regulatory landscape, the Nasdaq has introduced new rules requiring companies to secure shareholder approval before issuing new shares specifically for purchasing cryptocurrencies. This policy reflects growing concerns around “crypto treasury stocks”—a practice where firms accumulate digital assets as part of their corporate treasury strategies.
Sources familiar with the matter reveal that this policy enhances transparency and investor protection in an era where exotic tokens and complex corporate structures have become more common. Unlike the U.S. Securities and Exchange Commission (SEC), which has recently scaled back direct regulation of such transactions, Nasdaq now plays a pivotal role in enforcing compliance among its listed entities.
The exchange operates under its proprietary listing standards, allowing it to implement measures tailored to emerging trends in the digital asset space. This heightened oversight comes as the SEC adopts a less hands-on stance, leaving Nasdaq as a primary gatekeeper overseeing the integrity of firms adopting crypto-heavy business models.
Some companies, like Strategy, a well-known firm with bitcoin operations, have confirmed that their ongoing cryptocurrency purchasing plans remain unaffected by Nasdaq’s new shareholder approval rules. Strategy stated that these regulations do not impact their capital markets activities, including bitcoin accumulation via ATMs and other operations.
However, firms that fail to comply with the new Nasdaq requirements risk suspension or even delisting from the exchange. The announcement initially caused some volatility in crypto-related stocks, underscoring investor sensitivity to regulatory developments.
The timing of Nasdaq’s regulatory push coincides with a broader surge in institutional interest in digital assets. By mid-2025, approximately 60% of institutional investors had allocated a portion of assets under management to cryptocurrencies. Several other publicly traded companies have followed the lead of pioneers like MicroStrategy (MSTR), which famously adopted a bitcoin treasury strategy yielding significant stock gains over recent years.
In addition to the regulatory dynamics, legislative efforts such as the CLARITY Act and the GENIUS Act aim to provide clearer frameworks for digital asset regulation at the federal level, potentially reducing uncertainties for market participants.
In essence, Nasdaq’s move to tighten oversight on cryptocurrency stockpiling by listed companies represents the exchange’s response to evolving market realities and a regulatory vacuum on digital asset governance. It reasserts the importance of transparency and shareholder participation in shaping corporate strategies related to volatile crypto assets.