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- Sharps Technology stock surged up to 70% after raising $400M to establish a major Solana (SOL) treasury.
- Backed by top investors, the financing priced at $6.50 per unit includes warrants exercisable at $9.75.
- The Solana Foundation will sell $50M in SOL at a 15% discount to support the corporate treasury.
- Rival efforts, including a $1B Galaxy Digital-led SOL fund, show intensifying competition in Solana treasuries.
Shares of Sharps Technology (STSS) surged as much as 70% on Monday after the company announced a $400 million fundraising initiative to establish what it claims could become the largest corporate treasury dedicated to Solana (SOL).
The bold move signals growing institutional conviction in Solana as a blockchain capable of supporting large-scale financial infrastructure, while positioning Sharps among a new wave of listed firms pivoting to digital asset accumulation strategies.
Major Investors Back Solana Treasury Vision
The capital raise attracted participation from some of the biggest names in digital assets, including ParaFi Capital, Pantera, FalconX, CoinFund, and Arrington Capital. The financing was structured at $6.50 per unit, with attached warrants exercisable at $9.75. Pending customary approvals, the deal is expected to close by August 28.
Sharps’ stock briefly hit $13 in morning trading, before easing to a still-impressive 40.72% gain from last Friday’s close. The funds will primarily be allocated toward buying SOL tokens, making Sharps one of the most aggressive corporate entrants into the Solana ecosystem.
Adding further credibility to the strategy, the company appointed Alice Zhang, co-founder of Solana-backed project Jambo, as chief investment officer and board member. Zhang described Solana as a “real-time settlement layer for a new digital economy” and said the timing reflects accelerating institutional adoption.
New @solana DAT: Sharps Technology, Inc. Announces Over $400 Million Private Placement Seeking to Establish the Largest Solana Digital Asset Treasury Strategy
New York – August 25, 2025 – Sharps Technology, Inc. (the “Company” or “Sharps Technology”) (NASDAQ: “STSS” and “STSSW”)… pic.twitter.com/KtraMXLSFz
— MartyParty (@martypartymusic) August 25, 2025
Solana Foundation Commits Discounted Deal
To support the treasury build-up, the Solana Foundation agreed to sell $50 million in SOL at a 15% discount to the 30-day time-weighted average price.
The deal underscores the foundation’s efforts to align with publicly listed companies driving institutional exposure to Solana.
This arrangement mirrors strategies employed during the early rise of corporate Bitcoin treasuries, most famously spearheaded by MicroStrategy (MSTR), which now holds over $70 billion in BTC. Sharps appears set to replicate that model within the Solana ecosystem, betting on its high throughput, low fees, and growing developer base.
Solana Treasuries Gain Momentum
Sharps is not alone in pursuing a treasury strategy around Solana. Rival firms have also entered the race, including SOL Strategies (HODL), DeFi Development (DFDV), and Upexi (UPXI).
Meanwhile, Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly collaborating on a $1 billion Solana treasury vehicle, with Cantor Fitzgerald serving as lead banker. That project, still in fundraising stages, could dwarf Sharps’ initiative if completed.
On the same day, DFDV announced plans to raise $125 million by selling equity to increase its SOL holdings. However, its stock slumped nearly 20% on the news, underscoring the volatility tied to these corporate crypto strategies.
Risks and Rewards of DATs
Publicly traded firms accumulating cryptocurrencies have become proxy plays for investors seeking exposure to crypto without directly holding tokens. These companies frequently trade at a premium to their net crypto assets, reflecting market enthusiasm.
However, analysts caution that during bear markets, premiums may collapse, limiting firms’ ability to raise further funds. Still, the rush into Solana shows that institutional appetite for blockchain-based treasuries is widening beyond Bitcoin and Ethereum.
