- Nasdaq will tighten rules for companies raising capital to buy cryptocurrency, including requiring some to get shareholder approval, The Information reports.
- The move could lead to delisting or suspension for firms that do not comply (delist = remove from the exchange; suspend = pause trading).
- Major cryptocurrencies fell about 2%–4%, with Bitcoin near $108,784 and solana at $205.07, weighing on crypto treasury stocks.
- Several treasury firms plunged: KindlyMD (NAKA) -16% Thursday and roughly 80% below its Aug. 15 merger level; American Bitcoin (ABTC) -20% a day after starting Nasdaq trading.
- Strategy (MSTR) fell far less than peers, down about 1.8% on Thursday and roughly 30% from its mid-July high.
Nasdaq is increasing scrutiny of companies that sell shares to buy cryptocurrency, the exchange could require shareholder approval before such fundraising and may delist or suspend trading for noncompliance, according to The Information.
The news arrived as major cryptocurrencies slipped about 2%–4%, a move that pressured public firms holding crypto on their balance sheets. Bitcoin was trading near $108,784 and solana around $205.07 during the sell-off.
Purchase announcements by firms adding crypto to treasuries have continued, but the article says the bubble in crypto treasury companies already popped and is further deflating. (A treasury company is a firm that holds significant cryptocurrency on its balance sheet as a strategic reserve.)
Market moves hit several named companies. KindlyMD (NAKA), which closed a merger with bitcoin-holder Nakamoto Holdings days earlier, fell 16% on Thursday and is about 80% below its Aug. 15 merger price; its shares trade near $3.46 and are over 90% below a late‑May peak. American Bitcoin (ABTC) dropped 20% one day after listing on Nasdaq.
Other declines included Metaplanet (MTPLF) down 8.6% and roughly 70% below its late‑May high, Bitmine Immersion (BMNR) down 8.6% and about 70% from an early July record, and Sharplink Gaming down 10.5% and nearly 90% from its late‑May top.
By contrast, Strategy (MSTR), the early mover among bitcoin treasury names, fell just 1.8% Thursday and is, “only” about 30% below its mid‑July 2025 high. Additional details and percentages come from the same report at The Information.
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