Nasdaq Tightens Oversight on Crypto Treasury Fundraises Amid $98B Surge

Nasdaq is escalating scrutiny of publicly listed companies raising capital for cryptocurrency acquisitions, according to a report by The Information. The exchange now mandates shareholder votes and enhanced disclosures for such deals, with non-compliance risking trading suspensions or delistings. This crackdown targets U.S. firms redirecting equity raise proceeds into digital assets.

The MOVE coincides with explosive growth in digital asset treasury (DAT) strategies. Data from Architect Partners reveals 154 companies have announced $98.4 billion in crypto-related capital raises since January 2025—a near-tripling from the $33.6 billion raised by just 10 firms pre-2025. Market fallout was immediate, with DAT-focused stocks tumbling on the news.

Some firms are adapting through complex token strategies, while others face regulatory gridlock. The clampdown reflects Wall Street's growing—but increasingly regulated—appetite for crypto balance sheet exposure.