The American company Sharps Technology, which specializes in manufacturing medical equipment, announced the creation of a reserve based on the Solana (SOL) blockchain with an investment of $400 million. Following this news, the company’s shares, traded on the Nasdaq under the ticker STSS, saw an increase of 40.7%.
This is reported by Finway
Deal Details and Partners
The investments were raised through a private placement of shares (PIPE). Sharps Technology expects the deal to be finalized by August 28, 2025. Among the main investors are notable financial players such as ParaFi, Pantera, Monarq, FalconX, Borderless, Arche Capital, CoinFund, Arrington Capital, Quantstamp, and others. The company plans to use the raised funds to acquire Solana (SOL) and finance corporate needs.
Sharps Technology has also signed a non-binding letter of intent (LOI) with the Solana Foundation, under which the foundation committed to sell the company SOL tokens worth $50 million at a 15% discount from the average price over the last month.
Development Strategy and Team Expansion
James Zhang, co-founder of Jambo, has joined the company as an advisor on digital assets. His task will be to expand Sharps Technology’s cryptocurrency portfolio.
“We believe that our team of digital asset advisors, a clearly defined accumulation strategy, and partnerships with leading asset managers enable us to become the largest treasury of Solana,” said Paul Danner, CEO of Sharps Technology.
On the Nasdaq, STSS shares immediately reacted to the news with a significant rise, adding over 40% in value within a day.
Sharps Technology is not the only company planning to create a corporate reserve based on Solana. It was previously reported that the investment firm Pantera Capital is also considering raising $1.25 billion to purchase Solana assets.