Solana treasury initiatives have pushed Sharps Technology (STSS) stock up by 70%, following its announcement of a $400 million private placement aimed at establishing the largest corporate Solana (SOL) digital asset treasury.
Sharps Technology Secures Major Funding for Solana Holdings
On Monday, Sharps Technology, listed on Nasdaq, revealed it had raised $400 million through a private placement. The company plans to use the majority of these funds to purchase SOL, the native token of the Solana blockchain.
According to the press release, the private placement drew interest from major investors such as ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital. Shares were priced at $6.50 each, bundled with warrants exercisable at $9.75 per share. The deal is expected to officially close by August 28.
Following the announcement, STSS stock spiked to $13 during morning trading in the U.S., eventually settling up 53% from the previous close of $7.30. This surge underlines the market’s enthusiasm about Sharps’ shift towards blockchain-based assets.
Leadership Shift and Institutional Support
To steer the new digital asset strategy, Sharps appointed Alice Zhang—co-founder of Solana-backed platform Jambo—as its new Chief Investment Officer and board member. This move signals the company’s commitment to aligning itself closely with the Solana ecosystem.
Partnership with the Solana Foundation
The Solana Foundation has expressed its support by committing to sell $50 million worth of SOL to Sharps at a 15% discount to the asset’s 30-day time-weighted average price, under certain conditions. This partnership marks a significant endorsement of Sharps’ treasury strategy and provides a cost-effective entry point into SOL acquisitions.
Graph showing Solana token trading volume growth, highlighting rising investor interest.
Sharps Joins the Trend of Corporate Digital Asset Treasuries
Sharps Technology is now part of the growing trend among publicly traded companies creating digital asset treasuries (DATs). These firms raise capital to buy cryptocurrencies, often using capital markets as a fundraising vehicle. This model resembles the strategy championed by Michael Saylor’s enterprise Strategy (MSTR), now the largest corporate holder of Bitcoin, valued at over $70 billion.
Increasingly, public companies such as SOL Strategies (HODL), DeFi Development (DFDV), and Upexi (UPXI) have amassed significant SOL positions, mirroring the movement toward decentralized asset management. These companies are positioning Solana as the next major corporate crypto play after Bitcoin.
While many DAT stocks trade at a premium due to investor enthusiasm, they are not without risks. During market downturns, the premium can compress, limiting treasury companies’ ability to raise additional capital for asset purchases.
Other Solana Treasury Developments in the Crypto Sector
Sharps Technology is not alone in its Solana ambitions. On the same day, news broke that crypto heavyweights Galaxy Digital, Multicoin Capital, and Jump Crypto are collaborating to raise $1 billion to fund what would become the largest Solana-focused digital treasury. They reportedly plan to acquire a listed company and have enlisted Cantor Fitzgerald to lead the fundraising efforts.
Crypto investment firms collaborate on $1B Solana treasury plans, highlighting growing institutional interest.
Meanwhile, DeFi Development (DFDV), led by former executives from crypto exchange Kraken, also announced a $125 million equity offering to further expand its SOL holdings. However, DFDV’s stock declined by 19% following the announcement, reflecting the volatility investor sentiment can have in speculative blockchain ventures.
As corporate adoption of Solana continues to rise, investor enthusiasm appears to be balancing on expanding blockchain innovations and cautious optimism amid market uncertainties. These developments showcase Solana’s growing role in public market crypto strategies and digital treasury models.
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