Nasdaq puts $132 billion crypto treasury rush on hold with surprise vote rule

Nasdaq will require shareholder votes before stock issuances used to buy crypto. Strategy shares fell on the news but have clawed back 3% in pre-market trading.

The added checkpoint lands directly on a fast-growing playbook in which public companies sell equity or convertibles, then purchase tokens for their balance sheets.

The review complements existing listing standards. Nasdaq’s Rule 5635 already requires shareholder approval in several situations, including private placements that reach the so-called 20 percent threshold and certain change-of-control or acquisition structures, as codified in the exchange’s rule text filed with the SEC and related guidance.

Nasdaq’s enforcement arm also emphasizes its mandate to police compliance with exchange rules and federal securities laws.

The timing matters. A surge of “crypto-treasury” pivots reshaped small-cap capital markets this year. Architect Partners tracks 184 public companies that have disclosed plans to raise more than $132 billion for token purchases, with many listings on Nasdaq.

The wave spans assets such as Bitcoin, Ethereum, Solana, and XRP and includes vehicles purpose-built to hold or accumulate crypto.

Markets responded quickly to the reported policy shift. Crypto-treasury stocks fell during Thursday’s session as investors weighed the prospect of added procedural steps and timing risk.

Yet appetite for pure-play exposure remains visible. American Bitcoin, a Trump-family-backed miner and treasury company created through a merger, debuted on Nasdaq and closed its first day up 16.5 percent at $8.04.

Regulatory context is shifting in parallel. The SEC released a rulemaking agenda that points to a broader framework for digital assets, including clearer treatment for offers and sales and paths to trade on national securities exchanges and alternative trading systems.

Separate House and Senate proposals would delineate jurisdiction between the SEC and CFTC and set timelines for implementing new rules. That federal backdrop interacts with exchange-level gatekeeping, which can slow or accelerate capital raises in practice.

Crypto treasury companies have exploded

The landscape spans more than Bitcoin. Ethereum-centric treasuries have formed through large spot purchases and staking programs. SharpLink disclosed more than 176,000 ETH accumulated at an average of $2,626 and later crossed 200,000 ETH as part of a stated reserve strategy.

Solana has drawn corporate balance-sheet pivots and financing, including Upexi and DeFi Development Corp., while Bitcoin-only structures seek listings through SPACs such as Bitcoin Standard Treasury Company. XRP-focused plans have also surfaced, led by VivoPower’s fundraising and deployment programs and follow-on moves to earn yield via Flare.

Nasdaq’s shareholder-approval screen does not ban crypto treasuries. It raises the bar by routing many financings through a vote, which can affect deal cadence and pricing outcomes.

Companies contemplating PIPEs, convertibles, or related-party structures need to model the exchange rules in advance, including thresholds and exceptions such as financial viability or changes of control.

The policy change arrives as issuers still pursue token exposure for balance-sheet management, payments experimentation, or equity-per-coin positioning.

The first phase of the year’s treasury rush delivered new listings, larger token reserves, and price volatility across small-cap names.

Nasdaq’s added review turns that rush into a process that will run through shareholder meetings, proxy calendars, and compliance checks.

The exchange has started to apply the scrutiny, and issuers planning crypto treasuries now face a vote.

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