Crypto Treasury Firms Hit Harder Following Nasdaq Scrutiny Reports

Crypto Treasury Stocks Fall as Nasdaq Tightens Oversight

Crypto treasury stocks declined sharply Thursday as Nasdaq reportedly increases scrutiny on firms raising capital to purchase digital assets, according to The Information. Some companies may now require shareholder approval before issuing shares for crypto purchases, with noncompliance potentially leading to trading suspensions or delisting.

The news added pressure to already weak crypto treasury names amid 2–4% declines in major cryptocurrencies, including bitcoin (BTC $110,727), ether (ETH), and solana (SOL $203).

Key movers Thursday:

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

Strategy (MSTR) has fared better, down just 1.8% Thursday and 30% below its mid-July 2025 high.

The combination of increased regulatory scrutiny and fading investor enthusiasm continues to weigh on crypto treasury stocks.