Nasdaq puts $132 billion crypto treasury rush on hold with surprise vote rule
Nasdaq will require shareholder votes before stock issuances used to buy crypto. Strategy shares fell on the news but have clawed back 3% in pre-market trading.
The added checkpoint lands directly on a fast-growing playbook in which public companies sell equity or convertibles, then purchase tokens for their balance sheets.
The review complements existing listing standards. Nasdaq’s Rule 5635 already requires shareholder approval in several situations, including private placements that reach the so-called 20 percent threshold and certain change-of-control or acquisition structures, as codified in the exchange’s rule text filed with the SEC and related guidance.
Nasdaq’s enforcement arm also emphasizes its mandate to police…
