Written by: BitPush
According to foreign media The Information, the Nasdaq exchange plans to strengthen its regulation of listed companies that purchase cryptocurrencies through fundraising, requiring companies to obtain shareholder approval and disclose in detail the purpose of the purchase, risks, and impacts on their main business. Otherwise, they will face suspension or even delisting.
This policy quickly triggered a chain reaction, causing the stock prices of several crypto-related companies to drop, and the crypto market to decline in the short term.
The Fundraising Frenzy Behind the Data: 154 Companies and $98 Billion in "Coin Purchase Impulse"
Nasdaq's move is not without reason.
According to a research report released by the well-known investment bank Architect Partners in the third quarter of 2025, since January 2025, more than 154 publicly listed companies in the United States have proposed or completed fundraising plans, explicitly stating "to purchase Bitcoin or other cryptocurrencies" as the use of funds, with a total fundraising amount reaching $98 billion. This scale far exceeds the previous years' cumulative total of only 10 companies and $33.6 billion in similar fundraising.
Many companies nominally claim to be "laying out blockchain strategies" or "diversifying financial allocations," but in reality, they are attempting to ride the wave of the crypto market.
The most common practice among them is to try to become a "stock proxy" for a popular token—by purchasing a large amount of a certain cryptocurrency (such as BTC, ETH, or even meme coins) in the open market, making their own stock a tool for secondary market investors to indirectly bet on that currency. Especially in a bull market, this strategy can easily drive up stock prices, create buzz, and even help major shareholders cash out at high prices.
Nasdaq's regulatory upgrade aims to curb such financial behaviors that deviate from core business and focus on short-term speculation.
Market Response: Who is Falling? Who is Misunderstood?
The market reacted immediately.
The stock prices of several companies highly related to crypto assets saw significant declines. Among them, mining company Bitmine Immersion fell by 8.7%; SharpLink Gaming dropped by about 10%. MicroStrategy fell by 2.7%.
These fluctuations not only reflect the market's natural response to short-term negative news but also indicate that investors are beginning to reassess the true value and compliance costs of "crypto concept stocks."
Since Trump's administration, the overall attitude of the U.S. towards cryptocurrency regulation has been "embracing," with federal agencies like the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) lagging in enforcement and legislative progress. This lenient environment has allowed many companies to boldly advance their crypto asset allocation plans, even leading to a batch of companies with "holding coins" as their core narrative.
However, with multiple instances of stock price manipulation through crypto concepts and subsequent crashes after executives cashed out, exchanges, as frontline regulatory bodies, have had to take action. Nasdaq's policy can be seen as a form of "filling regulatory gaps"—maintaining market order and investor protection through listing rules before federal legislation is systematized.
In fact, this is not the first time Nasdaq has shown a cautious attitude in the crypto field. From delaying the listing of several crypto mining companies to imposing stricter information disclosure requirements on companies with excessive blockchain business proportions, its policies have consistently favored "risk prevention over promoting innovation."
The Two Sides of the Coin
Critics argue that while Nasdaq's approach is reasonable, it carries the risk of "over-interception."
Some companies that genuinely attempt to integrate blockchain technology into their core business—such as those promoting the digitalization of supply chain finance or trying to tokenize asset issuance—may also be deterred by the increased compliance costs from the new regulations. The lengthy shareholder approval process and complex information disclosure could lead to missed market opportunities.
Moreover, there are concerns that strict controls will push innovative companies towards private markets, other international exchanges (such as those in Canada and Singapore), or even directly raise funds through DAOs or tokenized structures, thereby weakening Nasdaq's own competitiveness and the innovative vitality of the U.S. capital market.
For investors, Nasdaq's strengthened regulation is a double-edged sword.
From a positive perspective, stronger regulation can reduce market manipulation behaviors such as price inflation and help curb pure concept speculation, assisting the market in eliminating bubbles and protecting small and medium investors from information asymmetry.
On the other hand, in a bull market, the mechanism of "fundraising—coin purchase—stock price increase" has previously brought significant returns to some investors. After the regulatory tightening, such high-volatility, high-return opportunities may decrease. Investors may need to turn to other tools (such as spot Bitcoin ETFs, futures ETFs, trust products, etc.) to gain exposure to crypto assets or accept a market with steadier returns but weaker explosive potential.
Nasdaq's decision may very well become a bellwether for mainstream exchanges worldwide.
Currently, the New York Stock Exchange (NYSE), Chicago Board Options Exchange (CBOE), and others have not yet implemented similar stringent policies, but they are closely monitoring market and regulatory responses. There is a possibility that a set of "corporate cryptocurrency holding information disclosure standards" applicable to U.S. and even global exchanges may emerge in the future.
At the same time, companies are also adjusting their strategies. Many have begun to restructure their fundraising plans, packaging "cryptocurrency investment" as "digital asset management" or "blockchain technology development" projects to avoid direct scrutiny. Legal teams are busy interpreting the new regulations, and the cost of communicating with shareholders has significantly increased.
Regardless of the outcome, Nasdaq seems to be striving to balance two roles: on one hand, a financing platform for innovative companies, and on the other, a maintainer of market order.
Perhaps the true significance of this regulatory experiment lies in the fact that it is no longer about "whether to regulate," but about "how to regulate fairly and intelligently." The integration of the crypto world and traditional finance is irreversible, but the path of integration will undoubtedly be filled with similar collisions and compromises.
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