Sharps Technology, Inc. (NASDAQ: STSS) has unveiled a $400 million private placement aimed at building what it describes as the largest Solana (SOL) digital asset treasury strategy to date [1]. The funding, structured as a private investment in public equity (PIPE), includes the issuance of common stock and stapled warrants at $6.50 per unit, with warrants exercisable at $9.75 for three years. The deal is set to close on or around August 28, 2025 [1]. The investment will be used to purchase SOL through both discounted and open market buys, with a $50 million component to be acquired via a non-binding letter of intent with the Solana Foundation at a 15% discount under specific terms [1].
The initiative is backed by top-tier asset managers and market participants, including ParaFi, Pantera, FalconX, and Republic Digital [1]. Alice Zhang, Sharps Technology’s newly appointed Chief Investment Officer and Board member, highlighted Solana’s institutional-grade infrastructure and its potential to facilitate global financial settlements. James Zhang, co-founder of Jambo and a significant figure within the Solana ecosystem, will serve as a strategic advisor for the company’s digital asset operations [1].
Solana has seen notable on-chain growth, with over 7,500 new developers joining the ecosystem in 2024 and more than $1.3 billion in app revenue generated in the first half of 2025 [1]. The blockchain processes an average of 8.9 billion transactions per quarter and has a daily trading volume of $6 billion. Solana also currently offers staking yields of approximately 7%, the highest among the top five major blockchains [1]. The market response to Sharps Technology’s announcement has been strong, with its stock surging over 80% in pre-market trading [3].
The move is seen as part of a broader trend in the crypto space, where institutional investors are increasingly viewing digital asset treasuries as strategic tools for value preservation and yield generation [1]. Sharps Technology’s pivot from its traditional medical device focus to a digital asset-centric strategy has drawn attention from investors and traders, many of whom regard the move as bold and well-timed [3]. The private placement also includes funds for working capital and general corporate purposes, providing the company with flexibility in managing its new treasury strategy [1].
The company’s initiative has garnered international interest, with reports indicating that the European Union is considering Solana as a potential platform for its digital euro initiative [2]. Additionally, VanEck’s proposed Solana-based ETF further signals growing institutional adoption of the blockchain [2]. As the largest Solana-focused treasury in the market, Sharps Technology’s strategy could play a pivotal role in advancing the blockchain’s adoption within institutional finance [1].
Source:
[1] Sharps Technology, Inc. Announces over $400 Million Private Placement seeking to Establish the Largest Solana Digital Asset Treasury Strategy (https://www.prnewswire.com/news-releases/sharps-technology-inc-announces-over-400-million-private-placement-seeking-to-establish-the-largest-solana-digital-asset-treasury-strategy-302537587.html)
[2] Solana Price, SOL Price, Live Charts, and Marketcap (https://www.coinbase.com/price/solana)
[3] Sharps Technology stock soars after $400 million private placement (https://www.investing.com/news/stock-market-news/sharps-technology-stock-soars-after-400-million-private-placement-93CH-4208656)
