Solana News Today: Sharps Raises 400M to Build Solana Treasury, Shares Jump 70%

Sharps Technology, a publicly traded firm primarily engaged in the medical device and pharmaceutical sector, has announced a $400 million stock offering to establish a Solana (SOL) treasury. The offering is set to close on August 28 and is backed by major crypto investment firms including ParaFi, Pantera Capital, and CoinFund. This move positions Sharps as a potential leader among publicly traded companies in Solana holdings, potentially surpassing its nearest competitor, Upexi, which currently holds approximately $394 million in SOL [2].

The capital raise is transforming Sharps’ stock into a proxy for Solana’s price and has attracted significant market attention. On August 12, Sharps’ shares surged by up to 70% following the announcement [3]. The company has further strengthened its Solana position by appointing Alice Zhang, co-founder of crypto smartphone startup Jambo, as its chief investment officer. James Zhang, also a co-founder of Jambo, will serve as a strategic advisor. Alice Zhang highlighted the team’s deep ties to the Solana ecosystem and experience in scaling institutional digital asset platforms [2].

The broader trend of public companies entering the crypto space by building digital asset treasuries is gaining traction. Similar strategies have been adopted for other major altcoins, including XRP, BNB, and TON’s native token. This trend has gained further momentum in the U.S., where a supportive regulatory framework for digital assets is being established [2].

Sharps’ move comes amid a challenging period for Solana, which has dropped below the $200 level. As of August 24, 2025, Solana was trading at $196, a 32% decline from its record high of $293. This decline is part of a broader market correction affecting the crypto sector [2].

The company’s position may be short-lived, as major crypto players like Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly raising $1 billion to launch their own Solana-focused treasury initiative. This signals an intensifying competition in the digital asset treasury space, where small public companies are increasingly leveraging their balance sheets to invest in cryptocurrencies [2].

Sharps’ strategy also reflects a wider corporate trend of diversifying treasuries into digital assets. For example, Strategy—previously known as MicroStrategy and the world’s largest corporate Bitcoin holder—recently added 3,081 Bitcoin to its holdings for about $356.9 million during the week of August 18 to August 24. CEO Michael Saylor reported a year-to-date Bitcoin yield of 25.4% as of August 24, 2025 [2].

The legal and financial implications of such fundraising strategies are receiving increased attention. Sharps’ $400 million raise through a private placement offering has been featured in legal media outlets like Law360, which noted the growing intersection of traditional finance and crypto [5].

While the move highlights the normalization of cryptocurrencies as a legitimate asset class for institutional and corporate portfolios, it also underscores the volatility and risks inherent in the crypto market. As more firms follow this path, the competitive landscape for digital asset treasuries is expected to become more intense [2].

Source:

[1] title1.............................(https://www.mitrade.com/insights/news/live-news/article-3-1068469-20250826)

[2] title2.............................(https://www.newsbtc.com/news/solana/solana-boost-medical-firms-400m-stock-sale-powers-new-sol-treasury/)

[3] title3.............................(https://sg.finance.yahoo.com/news/sharps-technology-jumps-70-raising-150508444.html)

[5] title5.............................(https://www.law360.com/fintech)