Medical Firm’s $400M Stock Sale Fuels Solana Treasury
Sharps Technology, a medical device firm, has launched a $400M stock sale to establish a new Solana treasury, with backing from ParaFi, Pantera Capital and CoinFund. Closing August 28, the move could make Sharps the largest publicly traded SOL holder, overtaking Upexi’s $394M stake. The firm also appointed Alice Zhang and James Zhang from Jambo as CIO and strategic advisor, respectively. While Solana’s price dipped below $200 amid broader market corrections, Sharps’ crypto investment underlines strengthening institutional demand. Major players like Galaxy Digital, Multicoin Capital and Jump Crypto plan a $1B campaign to launch their own Solana treasury firms, reflecting a wider trend of crypto treasuries among public companies. In parallel, MicroStrategy added 3,081 BTC (~$356.9M), underscoring rising digital asset strategies.
Bullish
Sharps Technology’s $400M stock sale to fund a new Solana treasury demonstrates rising institutional demand for SOL and strengthens the asset’s perceived value. Backing from leading crypto funds and the appointment of Jambo founders highlight confidence in Solana’s ecosystem. While short-term price action may remain volatile, this large-scale treasury build, alongside planned $1B initiatives from Galaxy Digital and others, marks a significant shift towards mainstream crypto investment. Similar to MicroStrategy’s sustained BTC purchases, corporate treasury allocations have in the past provided foundational support for price floors, suggesting a bullish outlook for Solana over both the near and long term.