Sharps Technology, Inc., a medical device company in the United States, announced via a press release that it has raised over $400 million through a private placement to create the world’s largest Solana digital asset treasury. Listed on Nasdaq, Sharps will use these funds to buy SOL, the cryptocurrency of the rapidly growing Solana blockchain.
Sharps’ $400M SOL Treasury
Sharps is changing its strategy from its main business of smart-safety syringes and pharmaceutical packaging to focus on Solana, a blockchain that is fast and cheap for transactions. The private investment in public equity (PIPE) deal is expected to close in three days. It involves selling common stock or pre-funded warrants at $6.50 per unit, with additional warrants available at $9.75 for three years.
This new direction is led by Alice Zhang as Chief Investment Officer and Paul K. Danner as Principal Executive Officer. James Zhang, a Solana expert, will advise the company and work with top asset managers to grow the treasury. The company aims to benefit from Solana’s staking yields, which are around 7%.
Commenting on why the Solana blockchain is preferred, Zhang said:
“Solana defines the standard for digital infrastructure, providing a high-throughput, low-cost, real-time settlement layer for everything from blue-chip equities to bonds to private assets.”
Growing Trend in Solana Investments
Solana’s ecosystem has grown, adding over 7,500 new developers and generating $1.3 billion in app revenue in the first half of 2025. Sharps plans to buy $50 million in SOL at a 15% discount from the Solana Foundation, pending a public offering.
Sharps is shifting its strategy in response to growing interest in Solana. Firms like Galaxy Digital, Jump Crypto, and Multicoin Capital announced their desire today to raise $1 billion to buy SOL, with plans to complete this by September 2025. This shows that institutions find Solana attractive as a fast blockchain solution.
Meanwhile, the company’s stock surged 50% in pre-market trading per Yahoo Finance data, indicating investor excitement about the Solana strategy. This deal mirrors a similar venture by DeFi Development Corp.’s Solana (SOL) acquisition of 110,000 SOL for approximately $22 million earlier this month, highlighting a significant investment in cryptocurrency.
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