Shell companies could become costlier under Nasdaq’s proposed listing plan, raising entry barriers along a common route to crypto treasuries.
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Nasdaq’s newly proposed listing rules may give established digital asset treasury firms an edge, while raising new barriers for smaller players looking to incorporate cryptocurrencies into their balance sheets.
The changes, announced Wednesday, lifting the minimum public float to $15 million and fast-tracking delistings for companies that fall out of compliance.
According to Brandon Ferrick, general counsel at Web3 infrastructure company Douro Labs, the proposed changes are unlikely to hurt well-managed digital asset treasury firms. Instead, they give stronger players a trading premium.
“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,” Ferrick told Cointelegraph.
A DAT is a digital asset treasury company. A multiple of net asset value, or , is the market’s value of a company relative to its digital asset holdings.
The proposed listing standards feature three key updates: a $15 million public minimum float for new listings, an acceleration of delisting companies that have “compliance deficiency” or a market value below $5 million, and a $25 million minimum public-offering proceeds requirement “for new listings of companies principally operating in China.”
The proposed $15 million minimum float could have unintended consequences, according to Ferrick, making shell companies more expensive and effectively raising the barrier to entry for new issuers.
“The [shell companies] will become more expensive […] which means that the barrier to entry was just raised.”
A shell company is a legal entity with little to no active operations, often used for purposes such as venture capital deals, asset management, or corporate restructuring. A common type of shell company is the special purpose acquisition company (SPAC), which is created to raise funds and later merge with or acquire another firm. SPACs and other shell entities have been largely used in business deals involving digital asset treasuries.
“Nasdaq is submitting the proposed rules to the SEC for review and, if approved, is proposing to implement the changes to the initial listing requirements promptly,” the exchange in a statement.
Nasdaq is one of the biggest stock exchanges worldwide, with a dominant presence in options and tech stocks trading. As of August 2025, the exchange 3,324 companies in the US and handled more than 49 billion equity shares in monthly trading volume.
Nasdaq rules generally require companies to seek shareholder approval before issuing new securities tied to major acquisitions, equity compensation, a change of control, or a sale representing 20% or more of shares below market price, to the exchange’s listing center.
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