In today’s tumultuous financial landscape where public companies are increasingly adding cryptocurrency to balance sheets, NASDAQ’s recent regulatory crackdown on crypto treasury tactics sent the market into turmoil. In September 2025, at a time when Bitcoin held by public companies floated over 1 million BTC, and Ethereum treasuries expanded at rocket speed, this step is a key indicator things are becoming more transparent and secure for investors.

 

For investors looking to play high-stakes, high-reward games with digital currencies, these NASDAQ new rules for crypto treasure companies are something you can’t ignore — it could change the way companies fund crypto purchases and how stock values are calculated, in addition to impacting overall market stability in light of ever-changing crypto worth swings.

Historical Brief

Crypto treasury businesses rose to prominence in 2020, after MicroStrategy and its CEO, Michael Saylor, introduced the model by putting corporate reserves into Bitcoin as a hedge against fiat currency inflation and devaluation.

 

So this plan became popular and early adopters like Tesla and Square (now Block) paved the way, amassing thousands of BTC by 2021. Main milestones will be accumulation of MicroStrategy that became really aggressive, over 100,000 BTC by 2022, 2023-2024 uptrend, adoption rate doubling and more firms will diversify to Ethereum and altcoins, such as: Solana and TON. In the past, such companies have raised over $33.6 billion combined (10 firms) pre 2025 through share issuances, largely resulting in a premium on their stock price based on their crypto holdings. 

 

Yet this unbridled growth led to fears around potential stock inflation and insider trading, drawing the attention of regulators, which eventually led to the 2025 oversight enhancements of NASDAQ.

Contemporaneous Data

In September 2025, Bitcoin holdings of public companies passed over 1 million BTC — over 1,000,000 BTC (1,000,632 BTC) with a value of nearly $105 billion, and it is an important milestone in the context of the growing popularity of crypto. MicroStrategy is at the top with around 632,457 BTC (currently valued at over $68 billion), making up for almost two-thirds of corporate BTC treasuries, after its recent $444 million acquisition.

 

Today more than 150 public companies own BTC (compared with about 75 in early 2024), and adoption rates are accelerating as companies like Metaplanet and others add to their stacks. On the Ethereum side, there are 71 treasury companies (including conjoined addresses) holding about 3.7 mln ETH (nearly $17 bln. by its current price) — that's about 3.89% of Ethereum's total supply!

 

Top holders are dominated by SharpLink with 837,230 ETH and other smaller-cap companies at 966,304 ETH ($3.5 billion) due to staking yields as well as institutional demand. Trends indicate diversification from BTC and ETH, while new comers, such as AlphaTON Capital (formerly Portage Biotech), closed a $100 million TON treasury in August 2025, raising $38 million in private placement. Market response to NASDAQ’s rules was fast: MicroStrategy’s stock dropped more than 2 percent to about $322, while Metaplanet and SharpLink declined 8. 7% to 9%, a span of time also within a general bearish cycle for crypto as Bitcoin and Ethereum saw some major drops. 

 

Category Key Statistic Value (September 2025) Source Trend
Bitcoin Treasuries Total BTC Held 1,000,632 BTC ($105B+) Surpassed 1M milestone; 150+ companies
  Largest Holder (MicroStrategy) 632,457 BTC ($68B+) Recent $444M purchase
Ethereum Treasuries

Total ETH Held

 3.7M ETH ($17B) 3.89% of supply; 71 companies
  Largest Holder (SharpLink) 837,230 ETH Staking rewards driving growth
Altcoin Expansion New Entries (e.g., TON) $100M treasury (AlphaTON) Diversification into Solana, XRP, etc.

Stock Impacts

Average Decline

 2-9% post-rules announcement Tied to crypto market drop

 

Implications

These new NASDAQ rules are investor approval of share issuances to fund investments in crypto and mandatorily require additional disclosures to be made by listed companies have significant financial and market consequences. For investors, they are also designed to facilitate better risk management by providing transparency around the volatility associated with crypto treasury strategies — which could deflate premiums being fetched by stocks such as MicroStrategy, which have been trading at a premium to their assets under management.

 

It’s good for regulators by minimizing the speculative practices (people were purchasing $98 billion in crypto buys in 2025 without a shred of regulatory oversight) so risks of stock manipulation, front running and other things that contribute to hot money flowing in an out of stocks are reduced. Enterprise-multiples are taking longer to clinch, and in a climate of increased indecision this could temper the rate at which crypto’s become the standard, but in a way that yields longer lasting growth—e.g., the straight away stock drops of 2-9%, may reflect day-and-overnight short-term market volatilities, and yet they could normalize long-term valuations by more closely amalgamating the price with the actual assets.

 

Overall, this blind spot might dissuade smaller companies from the pedal-to-the-metal treasury shift while also strengthening shareholder voices, and may be a force dragging token markets towards more institutionalised, regulated crypto integration. 


Future Outlook

Prospects for the future are even rosier; 2025 is forecasted to cement crypto in substantially more corporate treasuries — refardless of the stricter regulative framework — with BTC holdings reaching 1.5 million BTC by 2026, fueled by an adoption rate that doubles every year. The Trump government's pro-crypto position, the reduced enforcement approach it has implemented and its favor for stablecoins might help offset any negative impact that NASDAQ's sanctioning may have on treasury expansions. Standard Chartered predicting Ethereum at $25,000 by 2028 on institutional staking (up to 29.6% in Q2 2025) and treasury allocation.

 

Structural change in global policy, such as the EU’s MiCA framework and U.S. SEC proposals for crypto accommodation, that would create clear guidelines that would drive greater confidence and diminished volatility. But lingering headwinds such as FATF compliance may curb growth, with analysts warning that more stringent shareholder authorizations may lengthen the fundraising process and cap 2026 treasury inflows at $150 billion unless regulations become clearer. 

 

This article is contributed by an external writer: Caleb Obed

 

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