Ethereum Treasury Firms Resist Nasdaq’s Shareholder Rule Push
SharpLink, a company focused on Ethereum treasury and a participant in the Nasdaq stock exchange, has confirmed its adherence to regulatory standards. The company addressed concerns about needing shareholder approval for the Ethereum purchases it makes through its at-the-market (ATM) program. SharpLink clarified that this program does not require additional approval from shareholders, indicating that the company’s capital-raising strategies are aligned with Nasdaq’s requirements and widely-accepted industry norms. This statement from SharpLink comes amidst Nasdaq’s increased scrutiny over digital asset treasury companies that are looking to expand their holdings of cryptocurrencies through public equity offerings.
As of now, SharpLink holds a significant amount of ETH, standing at 837,230 Ethereum tokens, which amounts to about $3.59 billion. It is noteworthy that this makes SharpLink the second-largest holder of publicly traded Ethereum, right behind BitMine. The company’s commitment to transparency is evident in its practice of providing weekly updates on its acquisitions, staking rewards, and the average prices at which it acquires ETH. An August 24, 2025 report indicated that SharpLink had purchased 797,704 ETH and earned 1,799 ETH in staking rewards.
SharpLink has positioned itself strategically as an entrance point for institutional investors looking to gain exposure to Ethereum. In May, the company successfully secured $425 million through a private investment in public equity (PIPE) offering. This significant investment round was led by Consensys and saw participation from major investors such as Galaxy Digital and Pantera Capital. Post this round, SharpLink has continued to grow its ETH holdings actively. For instance, between August 25 and August 31, 2025, the company added $176 million worth of Ethereum to its treasury.
CEO of SharpLink, Joseph Chalom, has highlighted the company’s vision of maximizing shareholder value through rigorous capital allocations and maintaining low operational costs. This approach is crucial for the long-term sustainability of SharpLink amidst the prevailing market volatility and changing regulatory landscape. Nasdaq’s recent stance on digital asset treasuries has become stricter, with companies being required to obtain shareholder approval for specific capital-raising plans that involve acquiring cryptocurrencies. Non-compliant companies run the risk of being delisted or facing trading suspensions as per the new guidelines.
A similar sentiment was echoed by BitMine, the largest public Ethereum holder, with 1.87 million ETH valued at $8 billion. BitMine also confirmed its adherence to regulatory standards set by Nasdaq and NYSE, emphasizing that the shareholder approval regulation applies to companies exceeding a certain threshold of their offering size. BitMine’s recent $358 million ETH acquisition underscores its commitment to amassing up to 5% of Ethereum’s total supply.
The increased scrutiny by Nasdaq indicates a broader effort to protect investor interests and uphold market integrity. Experts in the field, such as Tim Kotzman, have highlighted that this focus on compliance measures aims to mitigate potential harm to investors and strengthen trust in U.S. capital markets. SharpLink’s strategic shift towards Ethereum, the programmable capabilities it offers, and its expansion plans in the Asian market position the company favorably to navigate regulatory challenges and capitalize on emerging opportunities in the digital asset landscape.
