Nasdaq Scrutiny Grows On Us Listed Firms Funding Crypto Purchases

TLDR

• Nasdaq requires shareholder votes and disclosures for some crypto treasury fundraising.
• A 13-year dormant bitcoin wallet moved 81.25 BTC worth $9M.
• Public companies now hold over 1M BTC valued at $110B collectively.
• Stripe and Paradigm launched Tempo, a payments-focused blockchain in testnet.

Nasdaq has introduced tighter rules for companies raising funds to purchase cryptocurrencies. The exchange now requires shareholder votes for certain transactions and demands broader disclosures, according to reports from The Information. Companies failing to comply could face suspension or delisting. The changes come as U.S.-listed firms accelerate fundraising to build digital asset treasuries, creating one of the year’s most notable corporate finance trends.

Nasdaq Sets Stricter Rules For Crypto-Focused Firms

Nasdaq’s latest measures target transparency in corporate crypto treasury strategies. The exchange wants companies raising capital for digital assets to secure shareholder approval in specific cases. It also expects clearer disclosures about how funds are deployed.

The new requirements reflect a push to maintain market integrity as more firms adopt bitcoin and other tokens for their balance sheets. Anonymous insiders cited by The Information said Nasdaq will act quickly against firms that ignore the rules, including suspension or delisting. Several digital asset treasury stocks fell sharply after the report.

Corporate Fundraising For Digital Assets Has Accelerated

Furthermore, Architect Partners data shows 154 public companies have announced nearly $100 billion in crypto treasury raises since January 2025. That is a sharp increase compared to the $34 billion raised by 10 firms before this year. The influx demonstrates how quickly digital assets have become a favored corporate strategy.

Most issuers are Nasdaq-listed. Strategy and BitMine lead the trend, focusing on bitcoin and ether accumulation. But smaller firms have also joined, from traditional enterprises to new entrants dedicated entirely to crypto reserves. Nasdaq’s oversight now places additional hurdles in their fundraising pipelines, potentially slowing the pace of treasury expansion.

Dormant Bitcoin Reserves Are Reemerging

In addition, a long-inactive bitcoin wallet holding 479 BTC worth $53 million at current prices moved funds for the first time in nearly 13 years. Data from Whale Alert showed five outbound transactions totalling 81.25 BTC were executed. The coins were transferred from a legacy address to modern SegWit addresses.

The wallet owner last sent bitcoin in November 2012, when prices were just $11. The original balance then was worth $4,400. Despite the recent transfers, the address still holds about 398 BTC valued at $44 million. The movement comes as older bitcoin wallets show signs of renewed activity during the asset’s record price cycle.

Public Company Bitcoin Holdings Cross A Milestone

At the same time, collective bitcoin holdings of public companies have now exceeded 1 million BTC, with an estimated value of $110 billion, according to Bitcoin Treasuries. A total of 169 entities currently hold positions. Strategy’s early adoption set the model, inspiring firms such as Metaplanet, Semler Scientific, and GameStop to follow.

Pete Rizzo, president of Bitcoin Treasuries, said institutional adoption remains in its early stages. Many firms have raised significant capital but have not yet fully deployed it. This suggests additional buying could occur if treasury strategies progress further in coming months.

New Blockchain Initiatives Highlight Ongoing Innovation

Even so, Stripe and Paradigm introduced a payments-focused blockchain called Tempo, positioned as a high-capacity Layer 1 for real-world financial services. Early partners include Deutsche Bank, Revolut, Nubank, and Shopify. The project builds on Stripe’s acquisitions of stablecoin and wallet infrastructure firms.

Security risks also remain present. ReversingLabs reported hackers using Ethereum smart contracts to conceal malware in open-source code libraries. Two compromised npm packages were taken down, but researchers linked the campaign to fake repositories targeting developers.

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