Sharps Technology, Inc. is launching a digital asset treasury strategy focused on Solana

Sharps Technology, Inc., a traditionally oriented, Nasdaq-listed company (STSS) that typically specializes in medical devices and pharmaceutical packaging, became the latest to jump on the Solana digital asset treasury wagon when it announced a $400 million private placement to accumulate ￰0￱ Technology, ￰1￱ the closing of its previously announced private placement offering of common stock and stapled warrants to purchase shares of common stock at a purchase price of $6.50 per ￰2￱ transaction resulted in gross proceeds of over $400 million, and an additional $600 million could potentially be raised if all of the warrants are ￰3￱ that happen, it could increase total proceeds to $1 ￰4￱ Technology adds Solana to its portfolio Sharps Technology has supported the effort by signing a non-binding letter of intent (the “LOI”) with the Solana Foundation, a non-profit foundation based in Zug, Switzerland, dedicated to the decentralization, adoption, and security of the Solana ￰5￱ to the LOI, the Solana Foundation has committed to selling $50 million of SOL at a 15% discount to a 30-day time-weighted average price, which the company would acquire solely from the proceeds of its public ￰6￱ financing was supported by a broad syndicate of leading global financial institutions and digital asset investors, from ParaFi and Pantera, to Luca Netz, Cube, and Saba ￰7￱ Zhang, Chief Investment Officer and Board Member of Sharps Technology hinted at Solana’s speed and capacity to handle transactions anywhere in the world as the reason the company has chosen it as the flagship token of its treasury strategy.

“With the backing of premier financial and digital asset investors, we believe we are well equipped to execute on our vision with our team’s extensive experience in the Solana ecosystem,” Zhang also ￰8￱ support the company’s strategy, James Zhang has been tapped as Strategic Advisor to the Company, and will collaborate with top institutions, including Monarq Asset Management, ParaFi, and Pantera to scale the treasury ￰9￱ Technology has promised to provide regular updates on its SOL holdings and performance metrics to ensure maximum transparency for ￰10￱ also clarified that the digital asset treasury will not affect the company’s business operations in medical device ￰11￱ struggles to defend its recent gains There is little doubt that the Solana ecosystem has been attracting near-record amounts of capital, but this has not translated into a pump, and the price continues to lag ￰12￱ of August 28, the total DeFi value locked on Solana crossed $11 billion, and the total stablecoin market cap was at $12 billion, while bridged TVL amounted to $42 ￰13￱ on-chain stats.