Stacy Pereira
- Nasdaq-listed Sharps Technology announced its plans to raise $400 million via a PIPE offering to fund the acquisition of SOL tokens.
- Sharps has signed a non-binding letter of intent with the Solana Foundation to purchase $50 million in SOL at a 15% discount.
- Sharps appoints Alice Zhang, formerly of Jambo, as Chief Investment Officer, and James Zhang as a strategic advisor to help with the transition.
Nasdaq-listed Sharps Technology (STSS) stock surged as much as 40 percent on August 25, after the medical device and pharmaceutical packaging firm announced a bold strategic shift. The company plans to raise $400 million through a private investment in public equity(PIPE) deal to buy Solana (SOL) tokens and shift its Treasury strategy to focus on Solana.
The units in the PIPE deal are priced at $6.50, with attached warrants exercisable at $9.75 for up to three years. Proceeds will be used not only to purchase SOL on the open market but also to support treasury operations, working capital, and overall corporate activities.
Sharps additionally struck a non-binding agreement with the Solana Foundation to acquire $50 million worth of SOL at a 15percent discount, based on a 30-day average price. This part of the deal hinges on completing the public offering successfully.
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To spearhead the pivot, Sharps appointed Alice Zhang, formerly of Jambo, as Chief Investment Officer, with James Zhang joining as a strategic advisor. Speaking about the transition, Zhang said, “Global adoption of Solana’s ecosystem is accelerating as it continues to receive institutional support for its vision of a single global market for every tradable asset, making now the right time to establish a digital asset treasury strategy with SOL.” He added that the company plans to bring in a team deeply familiar with Solana and skilled in scaling digital asset platforms.
Other companies with Solana Treasurys
Sharps isn’t alone in this institutional embrace of Solana. Publicly traded firms such as Upexi Inc., DeFi Development Corp., Sol Strategies Inc., Classover Holdings Inc., Torrent Capital Ltd., and SOL Global Investments Corp. have also allocated portions of their balance sheets to SOL. Together, these firms account for nearly 3.7 million SOL or around $700 million worth of the token. Companies have been lapping up on SOL for various reasons, either strategic diversification, yield generation, staking, or ecosystem alignment.
Major firms like Galaxy Digital, Jump Crypto, and Multicoin Capital are colluding to raise to $1 billion in capital dedicated solely to Solana Treasurys. If this materializes, it would create the potential largest institutional SOL reserve yet. Meanwhile, Pantera Capital plans to raise $1.25 billion to build a Nasdaq-listed Solana Treasury vehicle.
