Nasdaq’s Increased Oversight Weighs on Crypto Treasury Names

Crypto Treasury Stocks Decline as Nasdaq Steps Up Oversight

Nasdaq is reportedly increasing scrutiny of crypto-focused treasury companies, requiring some firms to obtain shareholder approval before raising funds to purchase digital assets, according to The Information. Noncompliance could result in trading suspensions or delisting.

The news adds pressure to already weakened crypto treasury stocks, alongside 2–4% drops in major cryptocurrencies such as bitcoin (BTC $110,727), ether (ETH), and solana (SOL $203).

Key movers Thursday:

KindlyMD (NAKA): Down 16% on the day, ~80% lower since its Aug. 15 merger with Nakamoto Holdings, and over 90% below its late-May peak.
American Bitcoin (ABTC): Fell 20% just one day after Nasdaq debut.
Metaplanet (MTPLF): Down 8.6%, roughly 70% off its late-May high.
Bitmine Immersion (BMNR): Off 8.6%, ~70% from early-July record.
Sharplink Gaming (SBET): Dropped 10.5%, nearly 90% below its late-May top.

Strategy (MSTR), Michael Saylor’s bitcoin treasury leader, held up better than peers, down just 1.8% Thursday and about 30% from its mid-July 2025 high.

As regulatory scrutiny tightens and investor enthusiasm wanes, crypto treasury names continue to face significant downward pressure.