Nasdaq Introduces New Rules Requiring Shareholder Approval for Crypto Purchases
Nasdaq has implemented new regulations requiring companies to obtain shareholder approval before issuing new shares for cryptocurrency purchases. This move aims to limit firms from artificially inflating their valuations through crypto rebranding.
- Failure to comply may result in suspension or delisting of stocks.
- The policy introduces regulatory risks, potentially delaying strategic acquisitions of cryptocurrencies.
- Companies are under pressure to secure tokens quickly to attract investors.
Market Impact on Crypto Stocks
Following the announcement, Bitcoin fell 2% intraday but recovered to near $110,000. However, crypto miners experienced larger declines:
- Iris Energy (IREN) dropped 7.39% to $26.12
- Marathon Digital (MARA) slid 4.41% to $15.19
- Riot Blockchain (RIOT) decreased 1.33%
- Core Scientific (CORZ) closed down 0.15%
- Cipher Mining (CIFR) fell 7.46%
- Hut 8 Mining (HUT) declined 5.57%
- Bitdeer Technologies (BTDR) lost 4.90%
- CleanSpark (CLSK) fell to $9.08
- TeraWulf (WULF) slipped 1.61%
Corporate Bitcoin holders like Strategy (MSTR) and Bitmine Immersion (BMNR) also faced significant losses due to investor caution amid Nasdaq's tighter regulations.
Emerging Trends Amid Regulatory Changes
As Nasdaq's oversight increases, traders are showing interest in direct blockchain exposure through projects like Best Wallet (BEST), which supports major tokens such as Ethereum, Dogecoin, and Bitcoin. The project has raised over $15 million in presale, offering low transaction fees and high staking rewards.