Nasdaq's proposed listing rules aim to strengthen policies around shell companies and digital asset treasury firms. The changes, announced on September 5, 2025, include raising the minimum public float to $15 million, accelerating delistings for companies below $5 million in market value, and introducing a $25 million minimum for new listings in China. According to Brandon Ferrick from Douro Labs, these changes may benefit well-managed digital asset treasury firms, potentially allowing them to trade at a premium. However, the increased costs for shell companies could raise barriers for new issuers, making entry into the market more challenging. Nasdaq plans to submit these rules to the SEC for approval and aims to implement the changes promptly if approved. As of August 2025, Nasdaq features 3,324 companies and handles over 49 billion equity shares monthly, maintaining stringent corporate governance requirements for its listed firms.

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