Pineapple Financial launches $100M Injective digital asset treasury strategy.

Pineapple Financial has launched a $100M Injective digital asset treasury strategy, becoming the first publicly traded INJ holder worldwide. INJ, the native asset of Injective, provides one of the higher staking yields in the industry, and the company plans to utilize the net proceeds to purchase INJ and create new liquidity rails for the multi-trillion dollar tokenization market.

Sharps Technology Inc. (STSS), a medical device and pharmaceutical packaging company, has closed a $400 million private placement offering, raising a total of $1 billion in aggregate gross proceeds if all warrants are exercised [1]. The company aims to establish itself as one of the largest Solana treasury companies by leveraging the digital asset's native token, SOL.

The private placement, which includes common stock and stapled warrants, attracted a broad syndicate of leading global financial institutions and digital asset investors. Notable subscribers include ParaFi, Pantera, Monarq, FalconX, Phoenix Digital, and others [1]. The funds generated from the offering will be primarily used to acquire SOL in the open market to set up treasury operations, with additional funds allocated to working capital and general corporate purposes.

Sharps Technology has signed a non-binding letter of intent (LOI) with the Solana Foundation, committing to purchase $50 million of SOL at a 15% discount to a 30-day time-weighted average price [1]. The company intends to provide regular updates on its SOL holdings and performance metrics to ensure maximum transparency for investors.

Alice Zhang, Chief Investment Officer and Board Member of Sharps Technology, stated, "Solana is capable of handling any tradable asset, everywhere in the world, and demand is only increasing. 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" [1].

Paul K. Danner, Executive Chairman of Sharps Technology, added, "This transaction provides the foundation for what we see as a generational opportunity. Our capital base and experienced team enable us to execute a differentiated strategy designed to create meaningful, long-term value for our shareholders" [1].

Sharps Technology will continue its business operations in medical device distribution while focusing on its digital asset treasury strategy. James Zhang will serve as Strategic Advisor to the Company, collaborating with top institutions to scale the treasury initiative [1].

The company's digital asset treasury strategy is a significant development in the growing trend of companies adopting blockchain technology for their treasury operations. As Solana continues to process more transactions and generate more on-chain fee revenue than any other blockchain, Sharps Technology's investment in SOL positions it at the forefront of this technological shift [1].

References:
[1] https://www.marketscreener.com/news/sharps-technology-inc-closes-over-400-million-private-placement-launching-solana-digital-asset-t-ce7c50dcda8df521