Crypto treasury stocks slid Thursday after The Information reported that Nasdaq is tightening oversight on companies raising capital to stockpile crypto.
We suspect that the main gamble on the “treasury company” LARPing was the hope that we’d see “strategic crypto reserves” by relevant nation states by now. Could you imagine Vietnam hodling XRP, or Ghana Bitcoin? This, of course, hasn’t materialized yet and might not materialize any time soon.
Meanwhile, Nasdaq is making it harder on crypto treasury companies, telling certain listed firms that shareholder approval may be required before issuing new shares to buy digital assets.
Crypto treasury companies like $BMNR and $MTPLF have had a tough time lately. pic.twitter.com/1OnZTVWd6s
— Cole Grinde (@GrindeOptions) September 4, 2025
According to filings and people familiar with the matter, the goal is to protect existing shareholders from dilution, particularly when crypto is the primary use of proceeds.
This move could slow a rush of deals. Architect Partners reports that 124 U.S.-listed companies announced plans to raise $133Bn for crypto purchases this year and all of this is now threatened.
The news sparked declines across the sector:
Heritage Distilling, which is introducing a “Bitcoin Bourbon,” is awaiting a shareholder vote tied to its $IP token treasury, dipped 0.3%.
CoinGlass data shows treasury-linked stocks have become highly correlated with BTC USD price swings, magnifying volatility as firms pile in. Outside of Michael Saylor’s Strategy, if you bet your company on crypto it’s proving to be a volatile ride.
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The spotlight remains on Strategy, the world’s largest Bitcoin treasury company, with 636,505 BTC in holdings. Analysts now see a 91% chance the firm qualifies for inclusion in the S&P 500, given its market cap of $92Bn+, Trading volume in the millions of shares daily and Positive GAAP net income of $5.3Bn over four quarters.
Yet hurdles remain. Bloomberg notes the S&P Index Committee can deny inclusion even if criteria are met, citing “concerns over the sustainability” of a crypto treasury model and volatility averaging 96% in 30-day price swings.
That uncertainty could block Strategy’s path to the S&P500, despite financial metrics that exceed requirements.
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An S&P 500 inclusion for Strategy would do more than lift its stock. Index funds tracking the benchmark would pour billions into crypto-adjacent equities, repeating the historical pattern of an 8–10% pop for new entrants.
It would also deepen the crossover between Wall Street and Bitcoin. Treasury firms in the index would anchor crypto exposure inside the portfolios of mainstream investors, closing the gap between digital assets and traditional finance. Will it happen, though?
As it stands Saylor and company have the best odds, and that makes the prospect of loading up more in Q4 quite tempting.
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The post NASDAQ’s Plan to Control Crypto Treasury Companies Explained appeared first on 99Bitcoins.
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