{"id":47608,"date":"2025-09-06T08:54:07","date_gmt":"2025-09-06T01:54:07","guid":{"rendered":"https:\/\/hbbgroup.net\/nasdaqs-listing-overhaul-could-raise-the-bar-for-shell-companies-crypto-treasuries\/"},"modified":"2025-09-06T08:54:07","modified_gmt":"2025-09-06T01:54:07","slug":"nasdaqs-listing-overhaul-could-raise-the-bar-for-shell-companies-crypto-treasuries","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/nasdaqs-listing-overhaul-could-raise-the-bar-for-shell-companies-crypto-treasuries\/","title":{"rendered":"Nasdaq\u2019s listing overhaul could raise the bar for shell companies, crypto treasuries"},"content":{"rendered":"
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Nasdaq\u2019s 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.<\/p>\n

The changes, announced Wednesday, include<\/a> lifting the minimum public float to $15 million and fast-tracking delistings for companies that fall out of compliance.<\/p>\n

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.<\/p>\n

\u201cYou 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,\u201d Ferrick told Cointelegraph.<\/p>\n

A DAT is a digital asset treasury company. A multiple of net asset value, or mNAV<\/a>, is the market\u2019s value of a company relative to its digital asset holdings.<\/p>\n

The proposed listing standards feature three key updates: a $15 million public minimum float for new listings, an acceleration of delisting companies that have \u201ccompliance deficiency\u201d or a market value below $5 million, and a $25 million minimum public-offering proceeds requirement \u201cfor\u00a0new listings\u00a0of companies principally operating in\u00a0China.\u201d<\/p>\n