Sharps Technology plans to sell $400 million of stock to fund a Solana treasury with backing from ParaFi, Pantera Capital, and CoinFund. The deal is expected to close on Aug. 28 and would make the biotech firm's stock act as a proxy for Solana's price. Alice Zhang will join the board as chief investment officer and James Zhang will join as a strategic advisor. The capital could position Sharps as the largest public Solana treasury, surpassing Upexi and DeFi Development Corp. Larger crypto firms are pursuing a $1 billion raise to form competing Solana treasury companies.
The crypto treasury rush continues. Sharps Technology, a small medical device and pharmaceutical packaging company, announced Monday that it plans to sell $400 million worth of its stock to fund a treasury for Solana, one of the largest cryptocurrencies by market capitalization. Large crypto investment funds like ParaFi, Pantera Capital, and CoinFund contributed to the raise. The transaction, which would turn the biotech firm's stock into a proxy for the price of Solana, is expected to close on Aug. 28.
The more-than-$400 million capital injection positions Sharps to potentially become the largest Solana treasury company on the market. Upexi, its closest competitor, has about $394 million worth of the cryptocurrency, according to its most recent update on its balance sheet. DeFi Development Corp., another public company that amasses Solana, has a bit more than $250 million. But Sharps' position as frontrunner may be short-lived. Crypto heavyweights Galaxy Digital, Multicoin Capital, and Jump Crypto are in the market to raise $1 billion to start their own Solana treasury company, according to a report from Bloomberg, which cited anonymous sources.
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