By Haris Mehmood
Growboo
NEW YORK – Shares of Sharps Technology, Inc. (NASDAQ: STSS) soared more than 80% after the company unveiled a private placement worth over $400 million to launch what it calls the largest Solana-based digital asset treasury strategy.
The private investment in public equity (PIPE) deal includes the sale of common stock and warrants priced at $6.50 per unit. Each unit carries stapled warrants exercisable for three years at $9.75—a 50% premium to the issue price. The transaction is slated to close around August 28, subject to standard approvals and conditions.
Proceeds from the offering will primarily be used to purchase Solana’s native token, SOL, directly from the open market. In addition, Sharps Technology has signed a non-binding letter of intent with the Solana Foundation to acquire $50 million worth of SOL at a 15% discount to the 30-day time-weighted average price, pending specific conditions.
“Solana sets the benchmark for digital infrastructure, delivering a high-throughput, low-cost, real-time settlement layer for everything from equities and bonds to private assets,” said Alice Zhang, the firm’s newly appointed Chief Investment Officer and Board member.
The funding round drew backing from a roster of high-profile investors in both traditional finance and digital assets, including ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, Bastion Trading, RockawayX, Syncracy, Borderless, Republic Digital, Arche Capital, CoinFund, Arrington Capital, Quantstamp, CoinList Alpha, Primitive Ventures, Avenir, and Hypersphere.
To strengthen its digital strategy, Sharps Technology has also named James Zhang—co-founder of Jambo and a recognized leader in the Solana ecosystem—as a strategic advisor. He will collaborate with asset managers such as Monarq Asset Management, ParaFi, and Pantera to oversee the development of the company’s digital treasury.
