Sharps Technology, a medical device manufacturer based in the U.S., has announced plans to raise $400 million through a private placement to create what it describes as the largest Solana treasury.
Announcement of Private Placement
According to the press release, this move marks a departure from Sharps' traditional business of selling pharmaceutical packaging, driven by a strategic shift and institutional demand for digital assets.
Institutional Support and Deal Details
The majority of the SOL will be acquired on the open market, with a supplementary $50 million purchase at a 15% discount through a collaboration with the Solana Foundation. PIPE investors supporting the transaction include Pantera, ParaFi, and Monarq, indicating strong institutional confidence in Solana. Each unit consists of common stock and stapled warrants at $6.50, exercisable at $9.75 within three years.
Solana's Position in Digital Assets
The deal is expected to close on or before August 28, 2025, subject to customary conditions. Sharps attributes Solana's velocity, scalability, and institutional onboarding as primary reasons for the attention: over 9 billion transactions per quarter, $6+ billion in daily volume, millions of active wallets, and staking returns of approximately 7%.
Sharps' move to create a Solana treasury highlights the growing interest among corporations in digital assets and may position Solana alongside Bitcoin and Ethereum as a leading blockchain for institutional finance.
