Solana News Today: Sharps (STSS) Surges 70% After $400M Raise for Solana Treasury

Sharps Technology (STSS), a Nasdaq-listed firm, saw its stock surge as much as 70% following the announcement of a $400 million fundraising to establish a digital asset treasury focused on the Solana (SOL) blockchain [1]. The round attracted participation from leading institutional crypto investors, including ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital. Each investor contributed to the effort, signaling strong conviction in Solana’s long-term growth and Sharps’ strategic alignment with the ecosystem. The transaction involved the sale of shares at $6.50 per unit with attached warrants exercisable at $9.75, and the deal is expected to close on August 28 [1].

The stock initially hit as high as $13 in morning U.S. trading before retracting some of its gains, settling with a 53% increase by Monday afternoon [1]. The firm plans to use the raised capital primarily to purchase SOL, the native token of the Solana network, which it aims to hold in its corporate treasury. The move positions Sharps as a major player in the digital asset treasury (DAT) model, a growing trend in the U.S. market. DATs raise capital to accumulate cryptocurrencies, aiming to mirror the success of Michael Saylor’s Strategy (MSTR), which holds a multi-billion-dollar Bitcoin (BTC) treasury [1].

Alice Zhang, co-founder of Solana-backed project Jambo, has joined Sharps as chief investment officer and board member, further strengthening the firm’s ties to the Solana ecosystem [1]. In a related development, the Solana Foundation has committed to selling $50 million worth of SOL tokens to Sharps at a 15% discount to the 30-day time-weighted average price, subject to certain conditions [1].

This initiative is part of a broader wave of Solana-focused treasury formation, with other publicly traded firms such as DeFi Development (DFDV) and Upexi (UPXI) also acquiring significant amounts of SOL [1]. The strategy of building corporate treasuries has gained traction as a proxy play on crypto prices, with DATs often trading at a premium to the value of their underlying holdings. However, such premiums can contract during market downturns, limiting the ability of these firms to raise additional capital for further purchases [1].

The momentum continued on Monday with further developments in the Solana treasury space. Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly seeking to raise $1 billion to establish another major SOL-focused treasury, planning to acquire a listed firm to execute the strategy. Cantor Fitzgerald has been engaged as lead banker for the transaction [1]. In a separate move, DeFi Development announced plans to raise $125 million by selling equity to expand its existing Solana holdings, but its stock dropped 19% on the news [1].

These moves reflect a growing institutional appetite for exposure to high-performance blockchain protocols like Solana. As the market continues to mature, large-scale treasury formations are increasingly viewed as a mechanism to secure long-term value and drive infrastructure development. Sharps’ rapid stock price increase underscores the market’s favorable sentiment toward this new investment model.

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