Nasdaq is tightening its oversight of publicly listed companies that raise funds to buy cryptocurrencies, according to a report published by The Information. The move comes as Wall Street’s appetite for digital asset treasury (DAT) strategies grows and as some firms push aggressive capital-raising tactics to load up on crypto for their balance sheets.
Mandatory Votes, Trading Risks
Citing anonymous sources, the report says Nasdaq has begun requiring shareholder approval for certain deals, alongside enhanced disclosure demands. Companies that fail to comply may face trading suspensions or even delisting.
The exchange’s new scrutiny targets U.S.-listed firms funneling equity raise proceeds into digital assets. The clampdown follows a surge in DAT activity data from Architect Partners, cited by Financial Times, shows 154 companies have announced $98.4 billion in crypto-related capital raises since January 2025. That’s nearly triple the $33.6 billion raised by just 10 companies before the start of the year.
Fallout Hits DAT Stocks
Following the news, several DAT-focused stocks posted steep losses, according to market data from The Block. Nasdaq’s clampdown throws sand in the gears of pending deals, turning what was a fast-moving treasury play into a regulatory obstacle course.
Some firms are already pivoting to more complex token strategies, while others mimic giants like Strategy and BitMine Immersion, the DAT heavyweights led by Michael Saylor and Tom Lee.
The pressure is mounting. Nasdaq’s rules may choke smaller players out of the DAT game, but with $98 billion in crypto raises this year alone, the market’s not slowing—just forced to swerve around compliance roadblocks.
Also Read: SEC Unveils New Agenda for Crypto Rules and Deregulation
