Nasdaq has intensified its oversight of firms seeking to raise funds for bitcoin purchases, a move that could reshape the landscape for public companies entering the digital asset treasury space.
Nasdaq’s new oversight measures
The exchange will now require certain companies to secure shareholder votes for bitcoin-related fundraising deals and expand their public disclosures, according to reporting from The Information.
Insiders note that noncompliance could result in suspension or delisting.
This announcement triggered a selloff among several digital asset treasury (DAT) stocks.
Data from Architect Partners highlights the rapid growth in this sector, with 154 U.S.-listed companies announcing plans to raise nearly $100 billion for bitcoin treasury initiatives since January, compared to just $34 billion by 10 firms before 2025.
Public companies surpass 1 million BTC
Collectively, public companies now hold over 1 million BTC, with a total value near $110 billion, according to data from BitcoinTreasuries.
Michael Saylor’s Strategy, along with firms like Metaplanet and Semler Scientific, have helped push these totals higher.
As noted by BitcoinTreasuries President Pete Rizzo:
“Despite today’s milestone, a number of indicators suggest institutional bitcoin adoption remains in its infancy.”
Most major treasury firms have only recently begun long-term accumulation strategies, indicating further potential for institutional growth.
