Nasdaq Tightens Scrutiny on Crypto Treasury Firms; Crypto-Treasury Stocks Plunge Across the Board

TradingKey – Nasdaq is stepping up its review of crypto treasury companies, sending related stocks sharply lower.

On Thursday, amid growing regulatory expectations, shares of crypto-treasury operators fell across the board. American Bitcoin (ABTC) plunged more than 20%, Bullish (BLSH) dropped nearly 10%, SharpLink Gaming (SBET) slid over 8%, BitMine ( BMNR) fell about 6%, and Strategy（MSTR）dipped close to 1%.

Insiders say Nasdaq has begun demanding that listed crypto firms secure shareholder approval before issuing new shares to buy and hoard digital assets. These companies have been raising fresh capital specifically to accumulate crypto and prop up their share prices.

By tying crypto holdings directly to equity issuance, Nasdaq’s heightened vetting appears aimed at shielding U.S. stock markets from spillover risks in the volatile crypto space. Whether these efforts will prove effective remains to be seen. Meanwhile, the U.S. Securities and Exchange Commission is reportedly preparing new rules for cryptocurrency issuance and trading — potentially green-lighting listings of digital assets on national exchanges and alternative trading systems.