Sharps Technology Inc. (NASDAQ:STSS) shares skyrocketed on Monday after the company announced it will raise more than $400 million through a private placement to fund a digital asset treasury anchored by Solana (CRYPTO: SOL/USD), the native token of the Solana blockchain.
The transaction, structured as a private investment in public equity at $6.50 per unit, includes warrants exercisable at $9.75 for three years. The offering is expected to close around Aug. 28, 2025, with backing from ParaFi, Pantera, FalconX, and Republic Digital.
Alice Zhang, the company's new chief investment officer, said Solana's high-speed, low-cost infrastructure makes it a prime platform for global market adoption. Paul K. Danner, executive chairman, said Sharps' advisory team and partnerships with major asset managers position the company to become a leading Solana-focused treasury.
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James Zhang, co-founder of Jambo and a prominent figure in the Solana ecosystem, will serve as strategic adviser. He called Solana "the next evolution in global finance" and highlighted its leadership in staking yields, chain revenue, and transaction volume.
Sharps plans to use the proceeds to purchase SOL, build treasury operations, and fund corporate needs. The company signed a letter of intent with the Solana Foundation, which agreed to sell $50 million worth of Solana at a discount tied to the conditions of the offering.
Solana continues to expand rapidly, with more than 7,500 new developers in 2024, $1.3 billion in app revenue in the first half of 2025, and $6 billion in daily trading volume. The network now ranks as one of the most liquid digital assets globally.
Price Action: STSS shares are trading higher by 54.18% to $11.34 premarket at last check Monday.
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