The newly suggested rules on the NASDAQ list may provide established Digital Asset Treasury companies that are one side, while increasing new barriers for smaller players looking to include cryptocurrencies in their balance sheets.
The changes, announced Wednesday, Include Lifting the minimum public floating to $ 15 million and rapidly monitoring delisting for companies falling into compliance.
According to Brandon Ferrick, general advice on Web3 Infrastructure Company Doco Labs, the suggested changes are not likely to harm the well managed asset treasury companies. Instead, they provide stronger players of a premium trade.
“You can expect the best names to trade in a premium because the weaker performing companies are washed. It effectively puts a premium MNAV in high quality dats,” Ferrick told Cointelegraph.
A DAT is a digital asset treasury company. A multiple amount of net asset, or Mnavthe market value of a company related to digital asset handling.
The proposed listing criteria features three major updates: a $ 15 million public minimum float for new lists, a speeding of delisting companies with “lack of compliance” or a market value below $ 5 million, and a $ 25 million minimum public offering requirements “for new list of companies that are basic operating in China.
https://www.youtube.com/watch?v=NPZQD7TSQMG
The suggested $ 15 million minimum float may have accidental consequences, according to Ferrick, which makes shell companies more expensive and effectively increasing the barrier in admission for new providers.
“The (shell companies) will be more expensive (…) which means the obstruction of admission is only raised.”
A shell company is a legal creature with little active operation, which is often used for purposes such as venture capital deals, ownership management, or corporate repair. A common type of Shell company is the special purpose of obtaining a company (SPAC), created to raise funds and later combine or obtain another firm. Spacs and other shell entities are more used in business deals involving digital assets of the asset.
“The NASDAQ submits the SEC’s proposed policies for review and, if approved, suggests to implement changes to the prerequisite in the list,” the exchange Says In a statement.
NASDAQ is one of the largest stock exchanges in the world, with a dominant presence in tech stock options and trading. Until August 2025, the exchange listed 3,324 US companies and hold more than 49 billion equity sharing in monthly trading volume.
NASDAQ rules usually require companies to seek shareholder approval before issuing new security tied to major acquisitions, equity compensation, a change of control, or a sale that represents 20% or more of shares below the market price, According to to the exchange list center.
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