Canadian e-commerce giant Shopify is moving its U.S. stock market presence from the New York Stock Exchange (NYSE) to the Nasdaq.
The transition will take effect on Monday, 31 March 2025, with trading on the NYSE ceasing at market close on Friday, 28 March. However, Shopify’s listing on the Toronto Stock Exchange (TSX) will remain unchanged, while the company continues to trade under the ticker symbol “SHOP” on both exchanges.
The statement read: “Shopify expects that its Class A Subordinate Voting Shares will cease trading on the NYSE at market close on Friday, March 28, 2025 and that its Class A Subordinate Voting Shares will commence trading on the Nasdaq on Monday, March 31, 2025.
Shopify’s listing on the Toronto Stock Exchange (“TSX”) will not be impacted, and its Class A Subordinate Voting Shares will continue to be listed under the ticker symbol “SHOP” on both the TSX and Nasdaq.”
The company did not provide a specific reason for the switch in its filing with the U.S. Securities and Exchange Commission (SEC). However, a spokesperson for Shopify stated, “We’re excited to join the Nasdaq community and be listed among the most innovative tech companies in the world.”
This change comes as Shopify stands on strong financial performance. In its latest quarterly report, the company posted a 31% year-on-year revenue increase, bringing in $2.8 billion in Q4 2024. Shopify’s market capitalisation now stands at $121 billion, a 55% surge compared to the previous year.
The move to Nasdaq places Shopify alongside some of the world’s biggest technology firms. Nasdaq is often favoured by tech companies due to its high concentration of growth-oriented businesses and advanced trading infrastructure.
While companies switch exchanges for various reasons, ranging from cost savings to strategic positioning, Shopify’s decision is in alignment with Nasdaq’s reputation as a hub for innovation-driven firms.
Shopify, which provides digital infrastructure for millions of businesses globally, has been steadily expanding its influence in the e-commerce sector. The company’s platform powers brands like SKIMS, Supreme, and Meta.
