Crypto stocks tumble following report of Nasdaq’s increased scrutiny of digital asset treasuries

Nasdaq will increase its regulatory oversight of companies that have been amassing crypto, including requiring shareholder votes “for some crypto deals,” according to a report from The Information. A slew of crypto-adjacent stocks tumbled upon the news, including bitcoin mega-stockpiler Strategy as well as MARA Holdings. Newcomers to the treasury space were hit harder, with Nakamoto Holdings dropping 18%, while American Bitcoin, fresh off its Nasdaq listing yesterday, dropped 20%. Ethereum treasuries were also dragged down, with SharpLink Gaming and BitMine Immersion Technologies falling 10% and 8%, respectively.

The Information reported that Nasdaq “recently told some publicly listed companies that under certain circumstances, their shareholders would need to approve the plan to raise capital to buy crypto.” The companies include Nasdaq-listed Heritage Distilling, a military-themed whiskey company.

The move could seriously damage what has become one of the most prominent crypto developments of 2025: the crypto treasury boom.

Tim Kotzman, Bitcoin Treasuries Media founder, told Sherwood News that today’s proposals signal Nasdaq’s intent to stay ahead of emerging risks and safeguard the quality of its market. 

“The focus on faster suspensions and delistings will reduce the potential for prolonged investor harm. This is the kind of proactive regulatory action that reinforces trust in the US capital markets,” he said.

So far this year, 124 US-listed public companies have announced their plans to raise about $133 billion to buy cryptocurrency, 94 of which are Nasdaq-listed, The Information reported, citing Architect Partners data.