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

Strategy, MARA, SharpLink, and BitMine all fell on the news that Nasdaq will require shareholder votes for some crypto deals.

Yaël Bizouati-Kennedy

9/4/25 11:41AM

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.

Sage D. Young

16h

BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

Yaël Bizouati-Kennedy

Seeing Orange

19h

Bitcoin bounces back over $110,000 as UK bitcoin ETFs launch

Last week, bitcoin ETFs in the US recorded over $1.2 billion in outflows, but this week things are looking up, with the UK launching its first spot bitcoin ETFs.

$1.2B

Yaël Bizouati-Kennedy10/17/25

Crypto liquidations reached $1.2 billion in the past 24 hours, according to CoinGlass data, as bitcoin continued its downward trajectory. Bitcoin suffered $458.24 million in liquidations, with the bulk of them — over $334 million — in long positions. Meanwhile, the second-biggest crypto, ethereum, saw the second-biggest figure for liquidations yesterday, with $278 million.

Bitcoin slipped as far as $103,856 early Friday morning, its lowest level since July, and is down 13% in the past seven days. The sell-off dragged the total crypto market cap down to $3.67 trillion, down 5.5%. Underscoring the market anxiety, CoinMarketCap’s fear and greed index is now at 28.

Bitcoin ETFs also suffered, registering $536 million in outflows on Thursday. The Ark 21 Shares Bitcoin ETF took the biggest hit, with $275.15 million in outflows. Since Monday, bitcoin ETFs have seen $864.5 million in outflows.

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that bitcoin’s slump looks like a classic risk-off chain reaction.

“Credit jitters and trade tensions pushed money into gold at record highs while leveraged crypto longs were forced to unwind. Once the liquidations exhaust and policy fog clears, the same macro buyers chasing safety today are likely to hunt value in BTC again,” Vujinovic said.

Sage D. Young

10/16/25

SharpLink Gaming announces $76.5 million capital raise and potential to more than double that

An analyst noted that “flows and positioning, not fundamentals, are shaping the ETH story right now.”