Nasdaq Clamps Down on Crypto Treasury Fundraising Frenzy as Market Soars $98B

Wall Street's tech-heavy exchange just slammed the brakes on crypto's latest gold rush.

Regulatory Reckoning

Nasdaq's move cuts off a popular fundraising avenue just as digital asset valuations explode—timing that reeks of traditional finance's love-hate relationship with decentralization. The exchange cites 'investor protection concerns' while sitting on the sidelines of a $98 billion market surge.

Institutional Whiplash

Funds now scramble for alternative routes after leaning on Nasdaq's credibility to attract conservative capital. The crackdown forces crypto natives to bypass traditional gatekeepers—again—proving Wall Street still can't decide whether to adopt or strangle digital assets.

Another day, another legacy institution trying to regulate the very innovation that's outgrowing its aging infrastructure.

Mandatory Votes, Trading Risks

Citing anonymous sources, the report says Nasdaq has begun requiring shareholder approval for certain deals, alongside enhanced disclosure demands. Companies that fail to comply may face trading suspensions or even delisting.

The exchange’s new scrutiny targets U.S.-listed firms funneling equity raise proceeds into digital assets. The clampdown follows a surge in DAT activity data from Architect Partners, cited by Financial Times, shows 154 companies have announced $98.4 billion in crypto-related capital raises since January 2025. That’s nearly triple the $33.6 billion raised by just 10 companies before the start of the year.

Fallout Hits DAT Stocks

Following the news, several DAT-focused stocks posted steep losses, according to market data from The Block. Nasdaq’s clampdown throws SAND in the gears of pending deals, turning what was a fast-moving treasury play into a regulatory obstacle course.

Some firms are already pivoting to more complex token strategies, while others mimic giants like Strategy and BitMine Immersion, the DAT heavyweights led by Michael Saylor and Tom Lee.

The pressure is mounting. Nasdaq’s rules may choke smaller players out of the DAT game, but with $98 billion in crypto raises this year alone, the market’s not slowing—just forced to swerve around compliance roadblocks.

Also Read: SEC Unveils New Agenda for Crypto Rules and Deregulation