Nasdaq’s proposed $5 million minimum market-value rule could place more than 190 listed companies at risk of an immediate trading halt and delisting process if their value remains below that threshold for 30 consecutive days. The U.S. Securities and Exchange Commission has paused the proposal and requested additional public comment, leaving affected companies without a final timetable but putting renewed pressure on thinly valued public businesses seeking ways to preserve their listings.
Nearly half of the companies with market values below $5 million are based in the United States, according to the report describing Nasdaq’s proposal. The rule would raise the consequences of falling below a relatively modest valuation threshold: instead of a longer period to regain compliance, a company could face a halt and delisting procedure after a month below the line.
That prospect arrives as a growing number of listed companies use cryptocurrency holdings as a corporate-treasury strategy. The approach can alter a company’s balance sheet quickly, but it also ties public-market valuations more closely to volatile digital assets and can expose shareholders to financing, custody, and disclosure risks.
Bitcoin buying accelerated among listed companies
Global listed companies excluding cryptocurrency miners recorded net bitcoin purchases of $360 million in the week measured through 8:00 a.m. Eastern on Oct. 19, according to SoSoValue data. The figure was 1,500% higher than two weeks earlier, underscoring how concentrated corporate purchases can become when companies adopt digital-asset reserves.
Strategy, the largest corporate bitcoin holder, bought 267 bitcoin for about $22.10 million at an average price of $82,900 per coin. The company said its total holdings reached 848,517 bitcoin.
Strive reported a much larger weekly addition relative to its existing position, spending about $330 million to acquire 4,045 bitcoin at an average price of $81,734. Its reported holdings rose to roughly 36,818 bitcoin. The Smarter Web Company bought 83 bitcoin for $6.93 million, bringing its total to 2,830 bitcoin, while Bitmine reported buying one bitcoin and holding 215.
SoSoValue placed total bitcoin holdings among the tracked universe of non-mining listed companies at 1,161,643 coins, worth about $95.41 billion at the time of compilation. That total represented 5.8% of Bitcoin’s circulating market value.
The scale of the holdings means corporate buying has become more than a symbolic balance-sheet allocation for a handful of technology firms. Companies adopting the strategy increasingly use equity issuance, preferred shares, warrants, convertible instruments, or cash raised in capital markets to fund purchases. Such structures can increase crypto exposure per share if asset prices rise, but they can also dilute existing shareholders and leave companies vulnerable if a declining coin price coincides with a weaker share price.
Metaplanet seeks control of Super League Enterprise
Metaplanet is pursuing one of the more unusual corporate-crypto transactions in the latest wave of treasury activity. The Japanese company said shareholders of Super League Enterprise approved a transaction that would give Metaplanet control of the Nasdaq-listed business.
Under the disclosed terms, Metaplanet would contribute 2,100 bitcoin and $2.5 million in cash, valued together at about $134.6 million. In return, it would receive approximately 44.86 million newly issued securities, including common stock, preferred shares and warrants. The common shares were priced at $3 each.
Following the closing, Metaplanet is expected to own about 95.7% of Super League Enterprise’s issued common shares. The deal would effectively place a substantial bitcoin position inside a U.S.-listed corporate vehicle, linking the value of the operating company more directly to Metaplanet’s cryptocurrency treasury.
The transaction also illustrates why tighter listing standards could become a major concern for companies with small public floats or limited operating revenue. A cryptocurrency contribution may bolster a balance sheet, but it does not automatically resolve Nasdaq’s requirements around market value, shareholder equity, governance, public float, or ongoing disclosure.
Ether and Solana treasuries take different paths
Bitcoin remains the dominant corporate treasury asset, yet companies pursuing Ethereum and Solana strategies have shown sharply different approaches to accumulating or disposing of digital assets.
Bitmine said it added 12,535 ether during the week and held 6.0415 million ETH as of 3:00 p.m. Eastern on Oct. 18. The company valued its Ether position as equal to 4.9% of Ethereum’s total supply. It also disclosed 215 bitcoin, $180 million invested in Beast Industries, $74 million invested in Eightco Holdings, and $582 million in cash and marketable securities.
DeFi Development Corp., which trades on Nasdaq under the ticker DFDV, reported adding 3,983 SOL during the week. The company said it held about 2.5903 million SOL and SOL equivalents.
SkyAI, formerly Sharps Technology, took the opposite route. The company reported that it had sold all of its Solana holdings, reducing a position that exceeded 2 million SOL in September to zero by Oct. 16. SkyAI said it held $223.8 million in cash and had authorized a repurchase program of up to $201.3 million at $3 per share or per warrant.
Those diverging decisions show that a digital-asset treasury is not a fixed corporate model. Some management teams are accumulating tokens and emphasizing long-term holdings, while others are converting token reserves back into cash and pursuing buybacks.
DeFi deposits exceed $10 billion
Deposits into crypto treasury structures using decentralized-finance protocols have risen above $10 billion, from about $4 billion at the start of last year, according to figures cited in the report. Fintech companies, digital-asset treasury managers and hedge funds use these arrangements to place funds in smart contracts while managers choose lending strategies, set risk limits and collect fees.
Reported returns generally range from 3% to 10%, with higher-risk approaches targeting 20% or more. The variation reflects the underlying strategies, which can include overcollateralized lending, liquidity provision and other forms of onchain yield generation.
Higher advertised returns carry corresponding risks. Depositors can face losses if borrowers’ collateral declines too quickly, if withdrawal liquidity disappears during market stress, or if a smart contract contains an exploitable flaw. Corporate treasuries using these services also face operational questions over custody, valuation and how quickly assets can be converted into cash.
MrBeast-linked financial trademarks remain unlaunched
Beast Holdings, LLC filed trademark applications on Oct. 13, 2025 for “MRBEAST FINANCIAL” and “BEAST FINANCIAL.” The applications cover mobile banking software, cash advances, small loans, credit and debit cards, investment management, cryptocurrency trading and payment processing, including decentralized-exchange swaps.
The U.S. Patent and Trademark Office published the marks in its official gazette on Aug. 11, 2026, and issued notices of allowance on Oct. 6. Both applications remain at the intent-to-use stage, meaning the marks have not yet become fully registered based on commercial use.
Beast Industries received roughly $200 million from Bitmine in January, while Bitmine has disclosed additional holdings and allocations connected to Beast Industries. The trademark filings indicate that the creator-led company is preserving options across consumer finance and crypto services, though they do not establish that a product launch is imminent.
Companies object to tokenized-share platform
Nine public companies have formally objected to their shares being issued in tokenized form on a proposed platform backed by OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange.
The companies named in the notice were Cerebras Systems, AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon Communications, Applied Optoelectronics, Broadcom and UnitedHealth Group. The notice did not state their reasons.
The objections point to an unresolved tension in tokenized securities: a platform may seek to offer faster settlement or blockchain-based transfer mechanisms, while issuers retain concerns about shareholder records, corporate actions, legal treatment and brand control. The response from established companies suggests tokenized equities will depend heavily on issuer participation and regulatory clarity rather than on trading-platform technology alone.
Explore how tokenized stocks reshape access to equity markets in this detailed breakdown of opportunities and risks.
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