Sharps Technology, a medical device manufacturer based in the United States, has announced that it plans to raise $400 million by selling a private investment in public equity (PIPE) to fund what it describes as the “world’s largest” Solana (SOL) treasury.
According to the Press Release, is a departure from Sharps’ historical business of selling pharmaceutical packaging, driven both by a strategic turn and institutional demand for digital assets.
The majority of the SOL will be acquired on the open market, with a supplementary $50 million purchase at a 15% discount through a collaboration with the Solana Foundation.
PIPE investors supporting the transaction are Pantera, ParaFi, and Monarq, reflecting strong institutional faith in Solana.Each unit of the offering consists of common stock and stapled warrants for $6.50, exercisable at $9.75 within three years.
The deal should close on or prior to August 28, 2025, subject to customary conditions.Sharps’ leadership attributes Solana’s velocity, scalability, and institutional onboarding as primary reasons for the attention: more than 9 billion transactions per quarter, $6+ billion in daily volume, millions of wallets active, and staking returns of approximately 7%.
The company also has a team that is deeply rooted within the Solana ecosystem, such as advisor James Zhang, an eminent Solana community member.
The move is following other institutional players, including Galaxy Digital and Jump Crypto, in looking into opening Solana treasuries.Sharps’ $400 million SOL program points to a growing shift toward corporate digital asset treasuries and could position Solana on the same level as Bitcoin and Ethereum as a leading blockchain for institutional finance.
Also Read: Galaxy, Jump, Multicoin Plans for $1B Solana Treasury
