Nasdaq tightens scrutiny of companies raising cash to buy crypto: report

As Wall Street firms rush to funnel capital market proceeds into digital asset treasury programs, Nasdaq is ramping up its supervision of these publicly listed crypto holders.

The American stock exchange is increasing oversight of U.S.-listed companies that are raising funds to accumulate cryptocurrencies, The Information reported.

Nasdaq has begun requiring shareholder votes for some deals and pushing for more disclosures, according to Thursday's report. It may also suspend trading or delist firms that fail to comply, anonymous insiders mentioned by the publication said. Following the news, the share prices of several DATs fell sharply, The Block's stock price page shows.

The stepped-up review comes amid a wave of equity raises aimed at buying digital assets for corporate balance sheet plays. Since January, 154 U.S.-listed companies have announced plans to raise about $98.4 billion to purchase crypto, per Financial Times, citing data from crypto advisory firm Architect Partners, which tracks such activity. The figure is up from about $33.6 billion raised by 10 companies before 2025.

Tighter rules could prolong deal timelines and add uncertainty just as public entities race to secure capital during favorable market windows. Some companies have also reportedly explored more complex structures and token strategies to pursue the playbook popularized by Strategy’s bitcoin-heavy balance sheets. 

Generally, Architect Partners says most issuers raising capital to buy crypto are listed on Nasdaq, including Michael Saylor’s Bitcoin treasury firm Strategy and Tom Lee’s Ethereum treasury company BitMine Immersion, which are the two largest DATs as of Sept. 4, The Block’s data dashboard shows.