Solana News Today: Sharps Seeks $400M to Build Solana's Institutional Crown Jewel

Nasdaq-listed Sharps Technology (STSS) has announced a $400 million fundraising initiative to establish what it claims could become the largest corporate digital asset treasury dedicated to Solana (SOL). The company’s stock surged over 70% following the announcement, reaching a high of $13 in early U.S. trading before settling with a 53% gain from its previous close of $7.30. The funding round attracted participation from major digital asset investors, including ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital. Each unit in the offering was sold at $6.50, with attached warrants exercisable at $9.75, and the closing is scheduled for August 28 [1].

Sharps will use the majority of the raised capital to purchase SOL tokens, positioning itself as a key player in the Solana ecosystem. Alice Zhang, co-founder of the Solana-backed project Jambo, has joined the firm as chief investment officer and a board member, reinforcing the strategic focus on Solana. Additionally, the Solana Foundation has pledged to sell up to $50 million in SOL tokens to Sharps at a 15% discount to the 30-day time-weighted average price, offering the firm a significant head start in its treasury-building efforts [1].

This move aligns with a broader trend in the U.S. market of listed companies adopting a Digital Asset Treasury (DAT) model to acquire cryptocurrencies. Sharps’ strategy mirrors that of Michael Saylor’s Strategy (MSTR), which has built a corporate Bitcoin treasury valued at over $70 billion. Firms like SOL Strategies (HODL), DeFi Development (DFDV), and Upexi (UPXI) have already begun stacking SOL in a similar fashion, reflecting growing institutional confidence in Solana’s long-term potential as a blockchain ecosystem [2].

However, analysts have highlighted risks associated with DATs. These firms typically trade at a premium to the underlying crypto holdings, but this premium can contract during market downturns, limiting their ability to continue raising capital for further purchases. This dynamic could impact Sharps and other DATs during periods of market volatility [1]. Nonetheless, the $400 million raise by Sharps represents a strong vote of confidence in Solana’s future and signals broader institutional support for the platform.

In parallel, other entities are also pursuing Solana-focused treasury strategies. Galaxy Digital, Multicoin Capital, and Jump Crypto have reportedly joined forces to raise $1 billion to acquire a listed firm and build a large-scale Solana treasury, with Cantor Fitzgerald serving as the lead banker. DeFi Development (DFDV) also announced plans to raise $125 million by selling equity to expand its own Solana holdings, although its stock dropped 19% following the announcement [1].

The broader crypto market remains dynamic, with Ethereum (ETH) and Bitcoin (BTC) showing mixed performance. However, the continued focus on Solana as a corporate treasury asset underscores its growing institutional appeal and positions the platform as a key player in the evolving digital asset landscape [1].

Source:

[1] Solana Treasury News: Sharps (STSS) Jumps 75% on ... (https://www.coindesk.com/business/2025/08/25/sharps-technology-jumps-70-after-raising-usd400m-for-solana-treasury)

[2] Sharps Technology Raises $400M to Build Massive ... (https://cryptodnes.bg/en/sharps-technology-raises-400m-to-build-massive-solana-treasury/)