- Sharps Technology plans to raise $400M to build a Solana-focused digital asset treasury.
- The company stock rose nearly 96 % after the announcement of the Solana treasury strategy.
- Health sector firms are increasingly adopting crypto treasuries to diversify assets and attract investors.
Shares of Sharps Technology rose sharply on Monday following the announcement of a major strategic shift. The medical device company disclosed plans to raise over $400 million to create a digital asset treasury focused on Solana.
Its stock jumped nearly 96% during intraday trading, climbing from $7.40 to a high of $14.53 before settling at $12.01. The move places Sharps among a growing list of healthcare companies adopting digital assets as part of their financial strategy.
Deal Structure and Strategic Backing
Sharps signed a letter of intent with the Solana Foundation to acquire Solana (SOL) tokens. The firm will increase capital by means of a PIPE offering. The arrangement includes the purchase of 50 million dollars worth of SOL tokens at 15 percent off the 30-days smoothed trading price. Investors can use both locked and unlocked SOL to fund allocations. In return, they will receive pre-funded and stapled warrants tied to Sharps’ stock. The transaction is expected to close around August 28.
Sharps named Alice Zhang as Chief Investment Officer to lead this transition. She co-founded Jambo and Avalon Capital and has experience in digital asset platforms. James Zhang also joins as a strategic adviser. Both are recognized in the Solana ecosystem. The company aims to become the largest Solana-based digital asset treasury, joining firms like Upexi and DeFi Development Corp.
Health Sector Turns to Crypto Assets
Sharps’ move reflects a broader trend in the health sector. Several small and mid-cap firms have started allocating capital to crypto treasuries. They seek to diversify holdings and attract investor interest amid inflation concerns. In November 2024, Hoth Therapeutics invested $1 million in Bitcoin. In March, Atai Life Sciences announced a $5 million Bitcoin purchase . By July, 180 Life Sciences rebranded as ETHZilla and revealed plans for a $425 million Ether treasury.
This model traces back to 2020 when MicroStrategy first began holding Bitcoin on its balance sheet. Since then, digital asset treasuries have gained traction among public companies. Sharps’ latest move continues this trend, signaling rising institutional interest in Solana.
Investor Caution and Market Response
Although there is excitement on the market, some analysts are warning of caution. Financial firms note that allocating significant funds to volatile assets remains risky. Sharps is a small-cap company, and its core business lies outside crypto. However, the company believes its digital asset strategy can deliver long-term benefits. Its partnership with established investors like ParaFi Capital and Pantera Capital adds weight to the plan.
The transaction remains subject to closing conditions. All eyes now turn to August 28 for final confirmation.
