Nasdaq Increases Scrutiny on Crypto Treasury Companies Amid Declining Prices
The Nasdaq is increasing scrutiny on crypto treasury companies, impacting their stock performance. Key points include:
- Nasdaq requires shareholder approval for companies raising funds to buy crypto.
- Non-compliance could lead to de-listing or trading suspension.
- Major cryptocurrencies like bitcoin, ether, and solana have declined by 2%-4%.
- KindlyMD (NAKA) is down 16%, approximately 80% since its merger on August 15.
- American Bitcoin (ABTC) fell 20% after its first trading day.
- Metaplanet (MTPLF) decreased 8.6%, down about 70% from its May peak.
- Bitmine Immersion (BMNR) and Sharplink Gaming dropped 8.6% and 10.5%, respectively, both significantly below their previous highs.
- Michael Saylor's Strategy (MSTR) is down only 1.8%, maintaining a smaller decline of about 30% from mid-July highs.