Proposed Changes to Nasdaq Listing Regulations
Nasdaq has unveiled a set of proposed changes to its listing regulations, which could significantly benefit well-established digital asset treasury (DAT) firms while simultaneously creating hurdles for smaller entities interested in integrating cryptocurrencies into their financial strategies. Announced on Wednesday, these adjustments include raising the minimum required public float to $15 million and expediting the delisting process for companies that are unable to maintain compliance with the new guidelines.
Impact on Digital Asset Firms
Brandon Ferrick, general counsel for Douro Labs—a company that provides infrastructure for Web3—asserts that these revisions will likely favor adeptly managed DAT firms rather than undermining their stability. He notes that the best firms may enjoy a trading premium, as less proficient companies may be forced out of the market, thus enhancing the perceived value of high-quality digital asset firms.
“Under this new framework, companies with strong assets could command higher valuations,” Ferrick explained, coining the term ‘market’s net asset value premium’, or mNAV. This term refers to the relationship between a company’s market value and its digital asset reserves.
Key Components of the Proposal
The major changes outlined in the proposal consist of three critical components:
- Elevated minimum public float of $15 million
- Accelerated delisting protocol for firms with compliance issues or market valuations dropping below $5 million
- Requirement for at least $25 million in public offering receipts specifically for firms operating primarily in China
Concerns Over Increased Costs
Furthermore, Ferrick warns that the new $15 million float requirement may unintentionally increase costs associated with shell companies. As shell entities, often used for venture capital operations or corporate restructurings, become pricier, the entry threshold for new firms could become more daunting. Shell companies, like Special Purpose Acquisition Companies (SPACs), could face increased operational costs under the new framework. These entities have been pivotal in numerous digital asset treasury transactions in the past.
Next Steps for Nasdaq
In an official statement, Nasdaq confirmed that it would submit these proposed rules for review by the SEC and intends to implement the changes to initial listing requirements quickly upon approval. Nasdaq is recognized as a leading global stock exchange, primarily known for its strength in technology and options trading. As of August 2025, it accommodated 3,324 companies in the U.S. and managed an impressive monthly trading volume of over 49 billion equity shares.
Additionally, Nasdaq’s regulations typically require firms to obtain shareholder approval before issuing new securities concerning major acquisitions or changes in control, especially if these transactions involve a significant percentage of shares being offered below market value, according to guidelines referenced in the exchange’s listing center.
