Core Insights - Since 2025, a "fundraising to buy coins" trend led by publicly listed companies has swept Wall Street, known as the Digital Asset Treasury (DAT) model, where companies raise funds through new stock issuance to purchase cryptocurrencies like Bitcoin and Ethereum, significantly impacting their balance sheets [1][9] - Over 154 U.S. public companies have announced cryptocurrency purchase plans totaling $98.4 billion since January, compared to only 10 companies with $33.6 billion in the previous year, with global Bitcoin holdings by public companies surpassing 1 million coins, valued over $110 billion [1][9] - Nasdaq is tightening regulations on this trend, requiring shareholder approval for companies planning to raise funds through new stock issuance for cryptocurrency purchases, along with mandatory disclosures regarding investment scale, strategy, and potential risks [3][9] Regulatory Changes - Nasdaq's new rules aim to cool the "corporate coin buying frenzy" and ensure that shareholders have the final say on transformative transactions that could alter a company's business nature or ownership structure [3][9] - Companies that fail to comply with these new regulations risk having their stock trading suspended or being delisted from Nasdaq [3] Market Reactions - The announcement of Nasdaq's tightened regulations has led to a significant drop in related concept stocks, raising concerns among investors about the extended financing cycles and reduced flexibility in seizing opportunities in the volatile cryptocurrency market [4][5] - Companies like BitMine and SharpLink have clarified their positions, stating that not all fundraising actions require additional shareholder approval, particularly when using existing mechanisms like shelf registration and At-The-Market (ATM) plans [5][6] Stock Performance - Following the regulatory news, stocks of major Ethereum reserve companies experienced sharp declines, with BitMine's stock dropping nearly 6%, SharpLink's falling 10.5%, and Metaplanet's down 8.6%, reflecting broader market fears [7] - Even the pioneer of this model, Strategy (MSTR), saw a decline of about 30% from its July peak, indicating a widespread impact across the sector [7] Long-term Implications - Nasdaq's regulatory tightening signifies a shift away from the era of simply replicating "buy coin" strategies for stock price boosts, emphasizing the need for compliance, transparency, and alignment with core business values in corporate cryptocurrency strategies [9]