Nasdaq Demands Shareholder Vote in Crypto Treasury Races

• Nasdaq Requires Shareholder Approval for Cryptocurrency Treasuries
• Companies have already announced plans for $132 billion in tokens
• New rules impact Bitcoin, Ethereum, Solana, and XRP

Nasdaq introduced a requirement that could change the pace of the corporate race for cryptocurrency treasuries. The exchange announced that listed companies will need formal shareholder approval before issuing shares to finance the purchase of digital tokens. The measure directly affects the plans of approximately 184 companies that have already announced their intention to raise more than US$132 billion to acquire cryptocurrencies such as Bitcoin, Ethereum, Solana, and XRP.

According to Nasdaq, the decision expands the scope of Rule 5635, which already required voting in cases of changes of control or private issuances above the 20% limit. The exchange also highlighted that its oversight arm will be responsible for monitoring compliance with internal regulations and the SEC .

O anúncio pressured crypto treasury stocks last Thursday, although some reversed premarket losses. Strategy, the largest public Bitcoin holder, fell but recovered 3% before the opening bell. The move highlights how voting requirements can impact the timelines and pricing of token-related offerings.

Even with new procedural barriers, interest in direct exposure to digital assets remains high. American Bitcoin, a mining and treasury company backed by the Trump family, debuted on the Nasdaq through a merger and closed its first day of trading up 16,5%, trading at $8,04.

The crypto treasury sector has been diversifying beyond Bitcoin. Ethereum-based structures have gained traction, with SharpLink accumulating over 200.000 ETH as part of its reserve strategy. Solana has also attracted companies like Upexi and DeFi Development Corp., while XRP-focused initiatives like VivoPower have emerged with fundraising and staking programs.

With this rule, Nasdaq does not prohibit companies from establishing cryptocurrency treasuries, but it does require shareholder approval for many transactions. This makes the process more time-consuming, requiring general meetings, proxy calendars, and compliance reviews, which could reshape the pace of the capital market token rush.