Nasdaq is ramping up oversight of how public companies raise funds to buy cryptocurrencies, a move that signals Wall Street’s growing unease with aggressive digital asset treasury (DAT) strategies. According to reporting from The Information, the exchange has introduced stricter requirements for shareholder approvals and disclosures, aiming to bring more accountability to firms that funnel equity proceeds directly into crypto purchases.
The policy shift comes at a time when interest in treasury-linked crypto plays has exploded. Data from Architect Partners, cited by the Financial Times, shows that 154 companies have raised $98.4 billion in 2025 through crypto-related offerings—nearly three times the $33.6 billion raised by only 10 companies before the start of this year. Nasdaq’s move highlights both the scale of the surge and the risks that regulators believe could destabilise public markets if left unchecked.
Under the tougher rules, companies must seek shareholder approval for certain types of crypto-related financing deals. Those that fail to comply could face penalties ranging from trading suspensions to outright delisting. The aim, sources say, is to prevent firms from bypassing investor scrutiny in pursuit of speculative treasury bets.
The ripple effects were immediate. Market data from The Block showed shares of several DAT-focused firms tumbling after the news broke, with pending deals now facing delays or restructuring. Analysts note that while large players like Strategy and BitMine Immersion—led by Michael Saylor and Tom Lee—may have the resources to navigate added compliance burdens, smaller firms could find themselves pushed out of the market altogether.
Even so, enthusiasm for digital asset treasuries shows no signs of fading. Some companies are already experimenting with more complex tokenisation strategies or diversifying their balance sheets across Bitcoin, Ethereum, and other assets. For now, Nasdaq’s crackdown appears less about stopping DAT activity and more about slowing the breakneck pace of unchecked fundraising—forcing firms to balance innovation with transparency.
