Ethereum News Today: Ethereum Treasury Firms Defy Nasdaq's Shareholder Rule Push

SharpLink, a publicly traded Ethereum treasury firm listed on the Nasdaq, has reaffirmed its compliance with the exchange’s regulatory framework, addressing recent concerns about shareholder approval requirements for capital-raising activities. The company clarified in an X post that its at-the-market (ATM) program for Ethereum (ETH) purchases does not require further shareholder approval, emphasizing that its capital-raising strategy remains consistent and beneficial for shareholders. This confirmation comes amid a broader regulatory shift as Nasdaq increases scrutiny over digital asset treasury firms seeking to expand their crypto holdings through public equity offerings [1].

According to SharpLink, its capital-raising initiatives are structured in line with Nasdaq standards and broader industry best practices, and it has dismissed speculation that its operations fall under new shareholder approval rules. The firm currently holds 837,230 ETH, valued at approximately $3.59 billion, making it the second-largest public Ethereum holder, behind BitMine. SharpLink’s commitment to transparency is evident in its weekly disclosures of capital raised, ETH purchased, and the average acquisition price. As of August 24, 2025, the firm had acquired 797,704 ETH and reported 1,799 ETH in cumulative staking rewards [1].

SharpLink’s strategic positioning as an institutional gateway to Ethereum exposure has attracted significant capital. In May, it secured $425 million through a private investment in public equity (PIPE) offering led by Consensys, with participation from major investors such as Galaxy Digital and Pantera Capital. The company has since continued to expand its ETH holdings, most recently adding $176 million worth of Ethereum between August 25 and August 31, 2025 [1]. SharpLink’s CEO, Joseph Chalom, emphasized the firm’s focus on maximizing shareholder value through disciplined capital allocation and lean operational costs, which is key to its long-term viability despite market volatility.

The regulatory environment for digital asset treasuries has become increasingly complex. Nasdaq has reportedly signaled a stricter approach, requiring some firms to obtain shareholder approval for capital-raising plans involving crypto purchases. The exchange has also indicated that non-compliant companies could face delisting or trading suspensions. The Information reported that 124 U.S.-listed companies have raised approximately $133 billion in 2025 to acquire cryptocurrencies, with 94 of those listed on Nasdaq [4]. SharpLink and its peers, including BitMine, have argued that existing regulatory guidance does not apply to their structures, citing pre-approved offerings such as shelf registrations and PIPE transactions.

BitMine, the largest public Ethereum holder with 1.87 million ETH ($8 billion), similarly confirmed that its operations remain compliant with Nasdaq and NYSE regulations. The firm explained that the guidance requiring shareholder approval applies only to companies exceeding 20% of their offering size, which does not pertain to its current strategy. BitMine also highlighted its recent $358 million ETH purchase, signaling continued momentum in its goal to accumulate up to 5% of Ethereum’s total supply [1].

Analysts and industry observers have noted that the increased scrutiny reflects Nasdaq’s broader effort to protect investor interests while maintaining market integrity. Tim Kotzman, founder of Bitcoin Treasuries Media, stated that the focus on delisting and suspension measures aims to mitigate prolonged investor harm, reinforcing trust in U.S. capital markets [4]. SharpLink’s approach, which emphasizes institutional-grade governance and transparency, positions it to withstand regulatory and market pressures.

SharpLink’s strategic differentiation lies in its exclusive focus on Ethereum, contrasting with firms that hold Bitcoin or stablecoins. Co-CEO Chalom highlighted Ethereum’s programmability as a key advantage, allowing for the development of diverse financial applications. The company’s staking strategy includes both native staking through custodians and liquid staking tokens, with plans to explore restaking and DeFi yield opportunities in the future. SharpLink also aims to expand its presence in Asia, particularly in Korea, Japan, and Singapore, capitalizing on the region’s evolving institutional investor base [6].

Source:

[1] Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight (https://coingape.com/ethereum-treasury-firm-sharplink-confirms-compliance-amid-nasdaq-oversight/)

[2] Crypto Treasury Names Hammered Further as Nasdaq Reportedly Ups Scrutiny (https://www.coindesk.com/markets/2025/09/04/crypto-treasury-names-hammered-further-as-nasdaq-reportedly-ups-scrutiny)

[3] Crypto stocks tumble following report of Nasdaq's increased scrutiny of digital asset treasury firms (https://sherwood.news/crypto/crypto-stocks-tumble-following-report-of-nasdaqs-increased-scrutiny-of/)

[4] Why ETH Beats BTC for Treasury Strategy: SharpLink CEO on Ethereum's Macro Opportunity (https://www.mitrade.com/insights/news/live-news/article-3-1086600-20250902)

[5] Ethereum Treasury SharpLink Adds $176 Million in ETH to Its Stash (https://finance.yahoo.com/news/ethereum-treasury-sharplink-adds-176-173611609.html)