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TD Cowen analyst Peter Haynes spotted the shift mid-February and alerted investors to the fact that the filings also featured a U.S. employment identification code.

Annual filings Shopify made with the SEC dating back to 2017 have only listed the Ottawa location and were typically made under the foreign issuer 40-F designation rather than the domestic issuer 10-K that Shopify used this month.聽

He also pointed out that Shopify reorganized how it reports some data to "flip the geographic breakdown鈥� of the company's assets from mostly 好色tv to mostly U.S.

Haynes mused the move was likely meant to help Shopify gain membership to certain US indexes, but company spokesperson Alex Lyons instead positioned it as a voluntary way to align Shopify's disclosures with its software peers.

This report by 好色tvwas first published Feb. 27, 2025.

Companies in this story: (TSX:SHOP)