Nasdaq Proposes Stricter Listing Rules Affecting Crypto Treasury Firms and Shell Companies
Nasdaq has unveiled proposed amendments to its listing standards that could reshape the landscape for digital asset treasury (DAT) companies and shell entities. The exchange aims to enhance market integrity by increasing the minimum public float requirement to $15 million and expediting delisting processes for firms that fail to meet compliance or minimum market value thresholds.
Elevating Standards for Digital Asset Treasury Firms
According to Brandon Ferrick, general counsel at Web3 infrastructure firm Douro Labs, these changes are unlikely to adversely affect well-managed digital asset treasury companies. Instead, they may confer a trading premium on stronger players as weaker firms are removed from the market. Ferrick noted, “You can expect the best names to trade at a premium because the weaker performing firms will be washed out. This effectively puts an mNAV premium on high-quality DATs.”
The term mNAV refers to a multiple of net asset value, representing the market valuation relative to a company’s digital asset holdings.
Key Elements of the Proposed Listing Amendments
The proposed rules include three primary updates: a $15 million minimum public float for new listings, accelerated delisting for companies with compliance deficiencies or market values below $5 million, and a $25 million minimum public offering proceeds requirement for companies primarily operating in China.
While intended to enhance market quality, these changes may have unintended consequences. Ferrick highlighted that raising the minimum float could increase the cost of shell companies, effectively creating higher barriers for new entrants. Shell companies—often with limited active operations—are frequently used in venture capital, asset management, and corporate restructuring deals, including special purpose acquisition companies (SPACs) that have been prominent in digital asset treasury transactions.
Next Steps and Market Context
Nasdaq has submitted the proposed rules to the U.S. Securities and Exchange Commission (SEC) for review. If approved, the exchange intends to implement the changes promptly. Nasdaq is a major global exchange, listing over 3,300 U.S. companies and handling more than 49 billion equity shares in monthly trading volume as of August 2025.
Current Nasdaq regulations require shareholder approval for issuing new securities tied to significant acquisitions, equity compensation, or control changes affecting 20% or more of shares below market price, underscoring the exchange’s focus on corporate governance.
FinOracleAI — Market View
Nasdaq’s proposed listing rule changes are likely to generate a positive impact for established digital asset treasury firms by enhancing market credibility and creating a premium for high-quality players. However, smaller issuers and shell companies may face increased costs and entry barriers, which could reduce market participation and liquidity in this segment. Investors should monitor SEC approval timelines and the market’s response to delisting acceleration, as these factors will influence the pace of industry consolidation.
Impact: positive
