Nasdaq announced recently, it will now require shareholder approval before companies issue new shares to buy crypto. The news sent crypto stocks sharply lower.
MicroStrategy (MSTR) pioneered this strategy, raising roughly $71 billion by issuing stock to accumulate bitcoin.
Shares of MicroStrategy itself fell over 3% intraday, and BitMine Immersion, SharpLink Gaming and ETHZilla all plunged on the day.
Bitcoin and Ether also retreated, each down roughly 2-3%, pulling the total crypto market capitalization about 2.2% lower by day’s end.
Nasdaq said the change aims to preserve market integrity as companies raise large sums through complex crypto-funding deals.
For perspective, roughly 184 U.S. companies plan to raise about $132 billion for crypto purchases this year. Nasdaq’s move directly targets that wave of stock-for-crypto financing.
Effective immediately, Nasdaq’s updated policy requires some crypto-focused companies to get shareholder approval before issuing new equity for cryptocurrency purchases.
Nasdaq says issuers must now secure an investor vote for any large stock-for-crypto capital raise. Nasdaq warned that companies failing to comply could face trading suspension or even delisting.
The exchange said the rule is a guardrail for market integrity. For context, crypto advisory Architect Partners estimates roughly 124 U.S.-listed companies plan to raise about $133 billion this year to buy digital assets.
Analysts note that crypto treasuries “often prioritize share offerings as a way to raise capital for additional coin purchases,” a model “pioneered by Strategy (MSTR).”
Nasdaq’s oversight will cover many of those deals.
Crypto-linked equities took an immediate hit after the Nasdaq announcement. Shares of MicroStrategy fell as much as 2.7% intraday.
BitMine Immersion slid nearly 9%, SharpLink Gaming tumbled about 11%, and ETHZilla plunged roughly 15% on the news.
By midday, ETHZilla remained down around 9%. Shares of leading crypto treasury firms such as Strategy, BitMine, and SharpLink Gaming ended the session lower.
The sharp drops signal investor worries that the new shareholder approval rule could slow down or complicate the rapid stock-for-crypto fundraising approach these companies rely on.
Crypto asset prices also slid on the Nasdaq news. Bitcoin (BTC) dropped about 2.5% to roughly $109,500, and Ether (ETH) fell over 3% to near $4,300.
Other large-cap tokens, including Solana (SOL), similarly eased back by roughly 3-4%. The broader crypto market capitalization fell about 2.2% over 24 hours to around $3.8 trillion.
Nasdaq said the change was adopted “to ensure investors understand the company’s strategy” and to maintain market integrity as firms pursue crypto acquisitions.
The exchange emphasized that shareholders should have visibility into complex capital raises.
Analysts note that crypto fundraising has surged: roughly 124 U.S.-listed companies plan to raise about $133 billion this year to buy digital assets.
Notably, regulators had just announced that licensed U.S. exchanges may list certain spot cryptocurrency products.
Nasdaq’s tighter oversight injects accountability into those deals by requiring shareholders to vote on major crypto purchases.
Nasdaq’s new listing rule marks a notable shift in the crypto-capital markets landscape.
By mandating shareholder votes, the exchange has added a governance check on companies’ aggressive crypto strategies.
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