Crypto Treasury Stocks Slide as Nasdaq Tightens Oversight

The Nasdaq is reportedly stepping up scrutiny of crypto-focused treasury companies, signaling a potential shift in how firms can raise funds for digital asset purchases, according to The Information.

Under the new requirements, some companies may need shareholder approval before issuing shares to fund crypto acquisitions. Failure to comply could lead to trading suspensions or delistings, the report added.

The announcement adds to pressure on already beaten-down crypto treasury names amid 2–4% declines in major cryptocurrencies, including bitcoin (BTC $110,727), ether (ETH), and solana (SOL $203).

Notable movers Thursday:

• KindlyMD (NAKA): Down 16% on the day, roughly 80% lower since its Aug. 15 merger with Nakamoto Holdings, and more than 90% below its late-May peak.
• American Bitcoin (ABTC): Led by Eric and Donald Trump Jr., down 20% just one day after Nasdaq debut.
• Metaplanet (MTPLF): Down 8.6% Thursday, about 70% off its late-May high.
• Bitmine Immersion (BMNR): Off 8.6% today, roughly 70% from its early-July record.
• Sharplink Gaming (SBET): Down 10.5%, nearly 90% below its late-May peak.

Strategy (MSTR), Michael Saylor’s flagship bitcoin treasury company, has fared better than its peers, slipping just 1.8% Thursday and roughly 30% off its mid-July 2025 high.

The tightening of Nasdaq oversight underscores the challenges crypto treasury companies face as investor enthusiasm cools and regulatory scrutiny rises, further weighing on stocks that once rode the crypto boom.