Nasdaq’s newly proposed itemizing guidelines might give established digital asset treasury companies an edge, whereas elevating new limitations for smaller gamers trying to incorporate cryptocurrencies into their stability sheets.
The adjustments, introduced Wednesday, embrace lifting the minimal public float to $15 million and fast-tracking delistings for corporations that fall out of compliance.
In line with Brandon Ferrick, common counsel at Web3 infrastructure firm Douro Labs, the proposed adjustments are unlikely to harm well-managed digital asset treasury companies. As an alternative, they offer stronger gamers a buying and selling premium.
“You possibly can count on the most effective names to commerce at a premium as a result of the weaker performing companies can be washed out. This successfully places an mNAV premium on high-quality DATs,” Ferrick advised Cointelegraph.
A DAT is a digital asset treasury firm. A a number of of web asset worth, or mNAV, is the market’s worth of an organization relative to its digital asset holdings.
The proposed itemizing requirements function three key updates: a $15 million public minimal float for brand spanking new listings, an acceleration of delisting corporations which have “compliance deficiency” or a market worth beneath $5 million, and a $25 million minimal public-offering proceeds requirement “for new listings of corporations principally working in China.”
The proposed $15 million minimal float might have unintended penalties, in line with Ferrick, making shell corporations dearer and successfully elevating the barrier to entry for brand spanking new issuers.
“The [shell companies] will turn into dearer […] which signifies that the barrier to entry was simply raised.”
A shell firm is a authorized entity with little to no energetic operations, typically used for functions similar to enterprise capital offers, asset administration, or company restructuring. A typical sort of shell firm is the particular goal acquisition firm (SPAC), which is created to boost funds and later merge with or purchase one other agency. SPACs and different shell entities have been largely utilized in enterprise offers involving digital asset treasuries.
“Nasdaq is submitting the proposed guidelines to the SEC for evaluate and, if permitted, is proposing to implement the adjustments to the preliminary itemizing necessities promptly,” the alternate mentioned in a press release.
Nasdaq is without doubt one of the greatest inventory exchanges worldwide, with a dominant presence in choices and tech shares buying and selling. As of August 2025, the alternate listed 3,324 corporations within the US and dealt with greater than 49 billion fairness shares in month-to-month buying and selling quantity.
Nasdaq guidelines usually require corporations to hunt shareholder approval earlier than issuing new securities tied to main acquisitions, fairness compensation, a change of management, or a sale representing 20% or extra of shares beneath market worth, in line with the alternate’s itemizing heart.
Journal: How Ethereum treasury corporations might spark ‘DeFi Summer season 2.0’