Written by: White55, Mars Finance

Overnight, a regulatory notice from Nasdaq abruptly cooled the frenzy of crypto asset treasury trends, putting the model of public companies wildly purchasing cryptocurrencies through stock issuance to a severe test.

The Nasdaq Stock Exchange is strengthening its scrutiny of listed companies' investments in cryptocurrencies, requiring some companies to obtain shareholder approval before issuing new shares to purchase tokens and to disclose this information to the market in a timely manner. Failure to comply with these regulations may result in delisting and trading suspension.

This regulatory move quickly shook the market, leading to a significant drop in the stock prices of many crypto asset treasury companies (DATs).

Among them, tokens and companies linked to the Trump family project saw the most significant declines, with ALT5 Sigma Corp's stock price plummeting by 12%, and a cumulative drop of over 50% in the past week.

This regulation aims to ensure that investors fully understand the associated risks and to slow down the current cryptocurrency frenzy.

The Nasdaq's scrutiny is based on an internal review of trading activities. The review identified patterns associated with "pump and dump" schemes, particularly in the U.S. cross-market trading environment, where the cryptocurrency sector occupies a certain proportion.

MicroStrategy Model: The Frenzy and Risks of Public Company Crypto Investments

MicroStrategy, as the initiator of this frenzy, pioneered the model of public companies holding large amounts of cryptocurrency as treasury reserve assets. This software manufacturer currently focuses on purchasing Bitcoin, having accumulated $71 billion worth of cryptocurrencies over the past five years, becoming a hot stock.

Led by Michael Saylor, MicroStrategy began accumulating Bitcoin as its primary inventory reserve asset in 2020, utilizing cash flow as well as equity and debt financing proceeds.

As of July 8, 2025, the company holds 636,000 Bitcoins, and its market value has increased more than tenfold from its low point over the past two years.

MicroStrategy's success has led to widespread imitation. By the end of 2024, when Bitcoin prices once again broke the $100,000 mark, the crypto reserve frenzy fully erupted.

From medical company Kindly MD to agricultural traders, 30 listed companies from different industries are vying to enter the market.

This strategy works best in a rising cryptocurrency market, so any delay could cause companies to miss the opportunity window. However, as Bitcoin prices rise, the marginal effect of MicroStrategy's financing to purchase Bitcoin is diminishing.

Data from financial consulting firm Architect Partners shows that in the past 12 months, activities of cryptocurrency public companies have exploded, mainly driven by regular IPOs (Circle, eToro, Bullish; Kraken, Figure, Gemini, etc. are about to go public), listings (Galaxy, Exodus, Coincheck, Amber, Sol Strategies), and digital asset treasury (DAT) companies (Twenty One Capital, Nakamoto, Strive, ProBTC, SharpLink, BitMine, etc.).

For DATs, 184 listed companies have announced plans to raise over $132 billion to purchase various cryptocurrencies. Among them, 94 stocks are listed on Nasdaq, while only 17 are traded on the New York Stock Exchange.

Market Reaction: Crypto Treasury Companies Suffer Collective Decline

Nasdaq's new regulatory requirements quickly elicited a market response. The stock prices of cryptocurrency treasury companies generally fell, with the WLFI token associated with Trump’s decentralized finance project World Liberty Financial Inc. seeing its holding institution ALT5 Sigma Corp's stock price plummet by 12%, with a cumulative drop of over 50% in the past week.

The WLFI token fell by 25% on the day, halving its price since its listing.

The mining company American Bitcoin Corp, in which Eric Trump is involved, saw its stock drop by as much as 22% after going public on Wednesday.

Chart source: Crypto KOL: @_FORAB

Many other cryptocurrency treasury companies also declined, with Sharplink Gaming's stock price dropping by 8.26%, and DeFi Technologies, which holds Solana tokens, seeing a 3.88% decrease.

Even industry leader MicroStrategy was not spared, with its stock price down over 40% from the $543 peak set last November.

Valuation Reconstruction: The Phenomenon of mNAV Being Below 1

In this crash, a key phenomenon has caught the market's attention: the total market value of many cryptocurrency treasury companies has fallen below the total value of the tokens they hold, meaning that mNAV (market value to net asset ratio) is comprehensively below 1.

This phenomenon reflects a growing distrust of the market towards these companies. Investors are reassessing the actual value of the underlying tokens on these companies' balance sheets.

WLFI token investor Morten Christensen pointed out: "I believe there is a lot of arbitrage between ALT5 Sigma Corp's stock and the WLFI token until the valuation ratio of the two returns to a reasonable level."

According to calculations by Barron's, MicroStrategy's so-called "Bitcoin premium," which is the company's value relative to its Bitcoin holdings, has decreased. Currently, MicroStrategy's stock trades at about 1.7 times the value of Bitcoin, down from a peak of three times at the end of November.

U.S. Stocks Rise While Crypto Market Declines

In stark contrast to the collective decline of cryptocurrency treasury companies, the U.S. stock market performed strongly on September 4. The August "small non-farm" data reinforced expectations for interest rate cuts, leading to a collective rise in the three major U.S. indices on Thursday, with the S&P 500 index up 0.83%, reaching a new historical high.

The Nasdaq index rose by 0.98%, closing at 21,707.69 points. This divergence highlights the independent risks faced by cryptocurrency treasury companies.

The cryptocurrency market itself is also under pressure. Digital assets and their related stocks continue to decline, with Bitcoin trading at the lower end of its recent range.

Future Impact: What Lies Ahead for the Crypto Treasury Model

Nasdaq's new rules may fundamentally change the trajectory of cryptocurrency treasury companies. By requiring shareholder approval, Nasdaq is effectively indicating that shareholders typically have a say before a company undergoes truly transformative ownership or operational changes.

This regulation may slow down the pace of related transactions. For cryptocurrency treasury companies, the speed of financing and stock issuance is crucial. Any delay could cause companies to miss the opportunity window.

The market is concerned that regulators may impose restrictions on the numerous "listed digital asset treasury companies" that have emerged in recent months. Many of these companies, which had previously faced difficulties, saw their stock prices soar after transitioning into the cryptocurrency sector.

Dan Kahan, a partner at King & Spalding law firm, stated: "By requiring shareholder approval, Nasdaq is effectively indicating that if you invest in a Nasdaq company, shareholders typically have a say before the company undergoes truly transformative ownership or operational changes."

As of the morning of September 5, Bitcoin rebounded to over $111,000, and Ethereum rose above $4,300, with 24-hour declines narrowing.

However, the total market value of cryptocurrencies remains at $3.907 trillion, with a 24-hour drop of 0.8%.

Nasdaq's new rules have made the market aware that the era of public companies wildly speculating on cryptocurrencies through stock issuance may soon come to an end. As regulations tighten, those companies relying solely on crypto narratives rather than actual business value will face the test of market repricing.

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