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Is Nasdaq Ending the Crypto Treasury Boom?

Olivia Capozzalo & Camila Russo
September 04, 2025

gm, Defiers!

Today’s big story:

  • Nasdaq is reportedly increasing scrutiny of listed firms that are operating digital asset treasuries (DATs) — what comes next?

In other news:

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Today’s Big Story

Is the DAT Boom Ending?

The crypto-treasury boom might be about to pop. Nasdaq is reportedly implementing tougher requirements for existing Digital Asset Treasury (DAT). This may are slow capital raises for existing firms and raise the bar for new entrants.

Nasdaq is ramping up scrutiny of companies that issue equity to buy cryptocurrency. According to FT data, 154 U.S.‑listed firms have announced plans to raise about $98 billion since January to fund digital asset buys—nearly tripling the $33.6 billion raised by just 10 companies prior to 2025. Nasdaq now requires shareholder approval for certain crypto‑directed fundraising and enhanced disclosures, and it’s prepared to suspend or delist firms that don’t comply .

Context: How Much Crypto Do DATs Hold?

The DAT phenomenon isn’t small. Public companies’ collective Bitcoin treasuries account for about 4.56 % of all Bitcoin supply, valued at over $105 billion, according to BitcoinTreasuries.com. Another source pegs DATs’ crypto holdings at over $100 billion, or roughly 4 % of Bitcoin’s total market cap. Leading the pack is Strategy (formerly MicroStrategy), which holds hundreds of thousands of BTC.

This concentration underscores DATs’ market influence and why Nasdaq is now paying attention.

Nasdaq reported changes:

  • Shareholder Approval Required: Firms must secure explicit consent before raising funds to buy crypto.
  • Enhanced Disclosures: Companies must clearly state usage of proceeds, risk factors, and business purpose tied to digital asset acquisitions.
  • Delisting Risk: Nasdaq is ready to halt trading or delist companies that fail to meet these requirements.
  • Deal Timelines Stretch Out: Fundraising deals may slow, increasing uncertainty for companies relying on rapid capital inflows.

Implications for Existing DATs

  • Slower Capital Raises: Issuers like Strategy, Metaplanet, and BitMine will face longer timelines and increased due diligence hurdles, which could throttle their expansion cycles.
  • Greater Scrutiny: Enhanced oversight may expose governance weaknesses, forcing better reporting, board accountability, and strategic justification.
  • Valuation Pressure: Investor enthusiasm may cool as the “easy path” to NAV-leveraged upside is obstructed, leading to valuation compression.
  • Operational Shifts: Companies may need to pivot toward actual business operations or diversify beyond pure treasury models to justify their exchange listings.
  • Survival Bias: Larger, well-capitalized players like Strategy may weather the shift; smaller, speculative DATs may struggle to meet the new bar.

Implications for DATs Coming to Market

  • Fewer Launches Likely: The free-for-all era of quick SPAC pivots into crypto treasury models is ending. Tighter regulation makes the model less attractive to opportunistic issuers.
  • Strategic Clarity Required: New entrants will need solid core business models and crypto exposure alone won’t cut it.
    Alternative Listings: Some may bypass Nasdaq entirely, opting for OTC listings or overseas venues with weaker crypto oversight.
  • Investor Caution: Market appetite for newly launched DATs may wane, as shareholders demand clear purpose and credible long-term value creation.

The crypto-treasury wave that swept through public markets in early 2025 is hitting a checkpoint. Existing DATs will have to navigate tougher paths for fundraising and disclosure, while new entrants will face heightened entry barriers, potentially bringing the “DAT boom” to a close.

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Cami, founder of The Defiant

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