The purchase announcements are still coming at a fast clip, but the bubble in crypto treasury companies popped some time ago and is deflating even further on Thursday as the Nasdaq reportedly has seen enough.

That major U.S. stock exchange — where many of these treasury companies trade — is upping scrutiny of firms aiming for big pops on their stock prices by raising money to by crypto, according to The Information.

New Nasdaq requirements, according to the report, would include requiring some companies to get shareholder approval prior to selling shares for the funds necessary to buy crypto. The exchange, the story continued, could de-list or suspend trading in the stocks if firms fail to comply.

Combined with 2%-4% declines in the price of major cryptos like bitcoin (BTC), ether (ETH) and solana (SOL), the news is sending already roughed-up treasury names even lower.

Read more: Bitcoin Slips Below $110K as Analysts Weigh Risk of Deeper Pullback

KindlyMD (NAKA) — which only days ago completed its merger with bitcoin-holding company Nakamoto Holdings — is down 16% on Thursday and now lower by about 80% since that Aug. 15 merger date. At the current $3.46, it’s also down by more than 90% since its late-May peak, which one could more or less say may have been the peak of the crypto treasury bubble.

The Eric and Donald Trump Jr.-led American Bitcoin (ABTC) is lower by 20% just one day after its shares began trading on the Nasdaq.

Japanese hotelier turned bitcoin treasury company Metaplanet (MTPLF) is down 8.6% today and off about 70% from its late-May peak.

Checking some ether treasury names, Bitmine Immersion (BMNR) is off 8.6% today and 70% from its early July record, and Sharplink Gaming is down 10.5% Thursday and nearly 90% from its late-May top.

Michael Saylor’s Strategy (MSTR) — by a very wide margin the first-mover in bitcoin treasury names — is holding up far better than the group as a whole, lower by just 1.8% Thursday and «only» down by about 30% from its 2025 high touched in mid-July.