Sharps Technology Raises $400M for Solana Treasury Investment
TLDR
- Sharps Technology stock jumped 96% after announcing a $400M raise for a Solana treasury
- The company signed a deal with Solana Foundation to purchase $50M in SOL tokens at a 15% discount
- Jambo co-founder Alice Zhang was appointed as Chief Investment Officer
- The fundraising attracted major crypto investors including ParaFi, Pantera, and CoinFund
- This follows a trend of health sector companies pivoting to crypto treasuries
Sharps Technology saw its stock price nearly double on Monday following the announcement of a $400 million fundraising round to create a Solana-focused digital asset treasury. The medical device maker’s shares jumped from $7.40 to reach an intraday high of $14.53 before settling at $12.01.
Source: Google Finance
The Nasdaq-listed company signed a letter of intent with the Solana Foundation to purchase SOL tokens through a private investment in public equity (PIPE) transaction. This financing arrangement allows accredited investors to buy shares at a discount to current market prices.
Under the terms of the deal, Sharps will acquire $50 million worth of SOL tokens at a 15% discount to their 30-day average price. The transaction is expected to close around August 28, 2025.
The fundraising attracted several major crypto investment firms. Backers include ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital. As part of the arrangement, shares were sold at $6.50 per unit with attached warrants that can be exercised at $9.75.
Investors may fund their allocations using either locked or unlocked SOL tokens. In return, they will receive pre-funded and stapled warrants, creating a structure that directly ties equity exposure to Solana.
The Rise of Crypto Treasuries
Sharps Technology is the latest public company to pivot toward accumulating cryptocurrencies. This growing trend has gained traction as firms seek to replicate the success of Michael Saylor’s Strategy, which has become the largest corporate owner of Bitcoin with holdings worth over $70 billion.
These companies, often called digital asset treasuries (DATs), raise money in capital markets to purchase cryptocurrencies. They provide investors with indirect exposure to crypto assets through traditional stock investments.
Several other companies have already adopted this approach for Solana. SOL Strategies, DeFi Development, and Upexi are among the listed firms accumulating SOL tokens.
The Solana ecosystem may soon see more major players. Reports indicate that Galaxy Digital, Multicoin Capital, and Jump Crypto are seeking to raise $1 billion to build a treasury focused on SOL. They plan to buy out a listed firm and have hired Cantor Fitzgerald as the lead banker.
Healthcare Companies Embracing Crypto
The crypto treasury model has recently gained popularity in the health sector. Several small and mid-cap healthcare firms have added digital assets to their balance sheets to diversify and attract investor attention.
In November 2024, Hoth Therapeutics, a New York-based biopharma company, allocated $1 million to Bitcoin as a treasury asset. They framed the move as a hedge against inflation.
March saw Nasdaq-listed Atai Life Sciences, which develops psychedelic-based mental health treatments, purchase $5 million in Bitcoin. Founder Christian Angermayer argued that drug development requires substantial cash and regulatory approvals can take more than a decade.
In July, 180 Life Sciences, a biotech working on anti-inflammatory therapeutics, rebranded as ETHZilla. After its stock had fallen 99%, the company announced plans to build a $425 million Ethereum treasury.
As part of its strategic shift, Sharps Technology announced two key appointments from the Solana ecosystem. Jambo co-founder Alice Zhang will join as Chief Investment Officer to lead the company’s new direction. Additionally, James Zhang will serve as a strategic adviser.
The company plans to allocate the raised funds primarily toward acquiring SOL, the native token of the Solana blockchain. This move represents what could become the largest corporate digital asset treasury focused on Solana.
DATs typically trade at a premium relative to their underlying holdings. However, they may face pressure during market downturns when this premium contracts, potentially limiting their ability to raise funds for additional purchases.
Wall Street firm Charles Schwab recently cautioned about this trend. In an educational video, the firm warned that companies “putting large chunks of cash in a historically volatile asset that isn’t tied to their core business has raised a red flag or two.”
The post Sharps Technology Raises $400M for Solana Treasury Investment appeared first on Blockonomi.
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