Nasdaq Tightens Rules on Crypto-Focused Listed Companies

Nasdaq is stepping up scrutiny of U.S.-listed firms that are raising funds to purchase digital assets, reflecting growing concerns about transparency in the booming corporate crypto treasury trend.

According to The Information, the exchange has started requiring shareholder votes for certain deals and is pushing for clearer disclosures from companies channeling capital into cryptocurrency holdings. Firms that fail to comply could face suspension or even delisting, insiders told the outlet. Following the report, several digital asset treasury (DAT) stocks dropped sharply in trading.

The move comes during a surge of equity raises tied to crypto accumulation. Data from Architect Partners shows that since January, 154 public companies have announced nearly $98.4 billion in planned raises for digital asset purchases – a dramatic increase from $33.6 billion raised by just 10 firms prior to 2025.

Wall Street’s growing appetite for Bitcoin and other tokens as balance sheet assets has fueled this wave of fundraising, but it has also attracted tighter regulatory oversight. Nasdaq’s heightened supervision aims to reassure investors that shareholder rights are protected and disclosures remain robust amid what has quickly become one of the hottest corporate finance strategies.

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The stricter stance underscores a broader theme: as traditional markets collide with digital assets, exchanges and regulators are working to balance innovation with accountability.