Nasdaq has implemented stricter regulations regarding publicly-listed companies’ engagement with digital assets. Notably, the exchange now requires shareholder approval before issuing new shares to fund cryptocurrency purchases. This policy impacts firms like MicroStrategy and Portage Biotech, which traditionally used share issuances to acquire cryptocurrencies. The recent change directly affects their funding strategies. 18–20% dips in DAT stocks followed the announcement as investors reacted to these changes. However, the Nasdaq Crypto Index saw a mixed reaction, with a slight rise in value. This rule, aligned with SEC and CFTC regulatory actions, aims to enhance oversight of crypto asset holdings by publicly-listed companies. Analysts point out this tightening aligns with recent regulatory efforts, but historical precedent suggests increased scrutiny during market downturns, raising concerns about potential risks for the crypto treasury sector.