Canadian e-commerce giant Shopify has announced its decision to transition its US listing from the New York Stock Exchange (NYSE) to the Nasdaq, nearly a decade after its initial public offering. The company filed with the Securities and Exchange Commission (SEC) on Wednesday, stating that it will remove its Class A shares from the NYSE at the close of trading on Friday, March 28, and commence trading on the Nasdaq starting Monday, March 31.

Notably, Shopify's existing listing on the Toronto Stock Exchange will remain unaffected, and its ticker symbol will continue to be SHOP on both exchanges. The company's decision to switch US exchanges comes on the heels of a strong Q4 2024 earnings report, which saw revenue growth of 31% year-over-year to $2.8 billion, exceeding estimates. Shopify's market capitalization currently stands at $121 billion, a 55% increase from the same period last year.

While Shopify has not provided an explicit reason for the exchange change, the move may be seen as a strategic decision to tap into the Nasdaq's reputation as a hub for technology and growth companies. The Nasdaq is home to many prominent tech firms, including Amazon, Google, and Facebook, and may offer Shopify increased visibility and liquidity.

Shopify's decision to transition its US listing is likely to have implications for investors and the broader e-commerce industry. As a leading player in the e-commerce space, Shopify's move may influence other companies to consider similar exchange changes. Furthermore, the shift to the Nasdaq may lead to increased scrutiny and attention from investors and analysts, potentially driving further growth and innovation in the e-commerce sector.

As Shopify prepares to embark on this new chapter, the company's focus on innovation and expansion is likely to remain unchanged. With its strong Q4 earnings report and growing market capitalization, Shopify is well-positioned to continue its upward trajectory. The transition to the Nasdaq is expected to be seamless, with trading recommencing on the new exchange on March 31.

TechCrunch has reached out to Shopify for further comment on the exchange change and will provide updates if more information becomes available. In the meantime, investors and industry observers will be watching closely as Shopify begins its new chapter on the Nasdaq.