Nasdaq-listed company Sharps Technology has completed a $400 million private placement to shore up what could become the world's largest company-based Solana Treasury company.
Sharps Technology operates in medical devices and pharmaceutical packaging, but is now taking the plunge into the crypto ecosystem. The company is thus among the first publicly traded players to establish a separate digital asset reserve with Solana (SOL) as the main focus.
While the concept of digital asset treasuries (DATs) originally arose when companies began hoarding Bitcoin and other cryptocurrencies, Sharps is among the first to place such a heavy emphasis on Solana's own token in its treasury strategy.
The $400 million capital raising was conducted as a Private Investment in Public Equity (PIPE) transaction, in which shares were sold for $6.50 apiece with associated warrants redeemable at $9.75 over a period of three years. The financing attracted heavy investors such as ParaFi, Pantera, FalconX, CoinFund and Arrington Capital, and the deal is expected to be finalized around August 28, 2025.
This strategic change lifted Sharps Technology's share price by up to 96% intraday on August 25, reflecting the enthusiasm of investors - not only for the company, but also for its role as a first mover in making Solana a core asset in corporate reserves.
The company plans to spend large portions of the capital raised on purchasing Sol tokens, backed by partnerships with leading players in the Solana ecosystem. This positions Sharps in the front line of institutional corporate adoption of Solana. Sharps Technology wants to capitalize on Solana's position as the world's fastest and most widely used public blockchain. Solana processes more transactions and creates more
revenues from on-chain fees than all other blockchains combined, offering a high-capacity, low-cost infrastructure ideal for scalable settlements of various types of assets.
This turn mirrors an increasingly strong trend among listed companies adopting Digital Asset Treasury (DAT) models, a strategy first popularized in the Bitcoin environment through profiles such as Michael Saylor. By raising capital via the stock market and directly investing in crypto assets, these companies seek to leverage return opportunities on the blockchain and expand their business models into the fast-growing digital finance ecosystem.
Sharps Technology's initiative also highlights the growing trust institutions are showing in Solana, and underscores how traditional industries are merging with blockchain innovations. These developments point to a shift in how companies manage reserves, while increasing acceptance of blockchain technology in both the financial and healthcare sectors. This could potentially become a model for other companies looking to diversify their assets and take advantage of the benefits of digital ledgers.
