SharpLink announces "compliance with NASDAQ regulations": Increasing holdings of ETH does not require additional shareholder approval!

ETH treasury company SharpLink announced that according to Nasdaq regulations, if ETH is purchased through the ATM mechanism, no additional shareholder approval is required. The company still considers “value-added effects for shareholders” as a prerequisite for fundraising. (Background: Ethereum treasury) BitMine and SharpLink continue to increase the position, and the US pharmaceutical company Propanc Biopharma plans to buy 100 million USD ETH in the next year.) (Background analysis: Can Ethereum ETH lead Bitcoin this cycle? SharpLink's view is very optimistic.) ETH treasury company SharpLink posted on X that the company fully complies with Nasdaq rules, and if it chooses to purchase Ethereum (ETH) through the ATM (At-The-Market) program, no additional shareholder approval is necessary. SharpLink emphasized that the fundraising strategy remains unchanged: “capital will only be raised when it is accretive for shareholders.” SharpLink is fully compliant with Nasdaq rules and does not require further shareholder approvals if we choose to execute our ATM program to fund ETH purchases. Our strategy remains unchanged: raise capital only when it is accretive for shareholders. Recent media reports have… — SharpLink (SBET) (@SharpLinkGaming) September 5, 2025 What is ATM (at the market)? In simple terms, ATM (at-the-market offering) refers to the mechanism by which a listed company raises funds by selling new shares in the secondary market “at the current market price, in small batches” through brokers. SharpLink stated that if it uses this method to fund the purchase of Ethereum, according to Nasdaq rules, “no additional shareholder approval is required.” However, if the company uses ATM (At-the-Market) financing below net asset value (NAV), it will lead to dilution of per-share value. In response to such doubts, SharpLink reiterated that “the company has never used ATM (At-the-Market) financing when the share price is below net asset value (NAV). We will continue to prioritize the best interests of shareholders.” New DATs may face stricter scrutiny Recently, Nasdaq pointed out that some Digital Asset Treasury (DAT) companies may need shareholder approval if they purchase encrypted assets through new share issuance, and the related comments mainly target newer DAT companies, some of which may not meet existing Nasdaq regulations, thus facing stricter reviews. SharpLink stated that this situation “does not apply to the company.” The market's boundary regarding “whether additional shareholder authorization is required for additional issuance to purchase coins” is still being re-examined. SharpLink's statement about purchasing ETH through the ATM mechanism emphasizes the distinction between daily asset allocation and shareholder resolutions, and ties decision-making benchmarks to the principle of “value addition for shareholders,” aiming to respond to recent compliance concerns regarding the DAT model. Related reports SharpLink Gaming approves a $1.5 billion “stock buyback” plan, can SBET return to its yearly high? SharpLink Gaming increases the position by 143,593 ETH, total open interest exceeds 740,000, staking rewards rise to 1,388 ETH. This article was first published in BlockTempo, the most influential Blockchain news media.