Sharps Technology's stock price nearly doubled on Monday after the medical device manufacturer announced a $400 million funding plan to establish a new treasury strategy around Solana's native token. The stock jumped 96% from $7.40 to an intraday high of $14.53, before retreating to $12.01 at the time of writing.
Sharps signed a letter of intent with the Solana Foundation to purchase Solana (SOL) tokens through a private investment in public equity (PIPE) transaction—this is a financing deal where qualified investors buy shares of a public company at a discount to the current market price.
The transaction is expected to be completed around August 28, with Sharps acquiring $50 million worth of SOL tokens at a 15% discount to the 30-day average price.
Investors can fund their allocations using locked or unlocked SOL, receiving prepaid and matching warrants in return, which directly ties equity exposure to Solana.
Sharps also announced the appointment of Alice Zhang, co-founder of Jambo, as Chief Investment Officer to lead this transition, and hired James Zhang as a strategic advisor—both are well-known figures in the Solana ecosystem.
Crypto treasury companies are publicly traded companies that hold digital assets like Bitcoin (BTC) or SOL on their balance sheets, providing investors with indirect exposure to crypto assets through their stock. This idea was initially proposed by Michael Saylor of Strategy in 2020, inspiring hundreds of companies to follow suit.
This model has recently gained attention in the healthcare industry, with several small and mid-cap companies turning to crypto treasuries for diversification and to attract investor interest.
In November 2024, New York-based biopharmaceutical company Hoth Therapeutics, which develops therapies for skin, cancer, and autoimmune diseases, announced it would allocate $1 million in Bitcoin as treasury assets, positioning this move as an inflation hedge.
In March, this trend extended to Nasdaq-listed biopharmaceutical company Atai Life Sciences, which develops psychedelic-based mental health treatments. Founder Christian Angermayer stated the company would purchase $5 million in Bitcoin, arguing in a Substack post that drug development "consumes a lot of cash," and regulatory approval could take over a decade.
In July, biotechnology company 180 Life Sciences, which focuses on anti-inflammatory treatments, rebranded to ETHZilla after its stock price plummeted by 99% and announced plans to establish a $425 million Ethereum treasury.
Wall Street firm Charles Schwab recently warned in an educational video that the company "put a significant amount of cash into historically volatile assets unrelated to its core business, which has raised one or two warning signals."
Related: Reports indicate that Galaxy Digital, Multicoin, and Jump Crypto plan to establish a $1 billion Solana fund.
Original article: “Sharps Technology's Stock Soars Due to $400 Million Solana Treasury Plan”
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