Sharps Technology raises $400M+ to launch Solana treasury

Sharps Technology, once a medical device and pharmaceutical firm, pivots to become a Solana treasury firm.

Solana (SOL) continues to get attention among traditional investors. On Monday, August 25, Sharps Technology, a publicly traded company on the Nasdaq, announced it is raising $400 million in a private placement.

The deal will follow the pattern of a private placement in public equity, as Sharps Technology stock is publicly traded. Namely, the company is raising capital by selling shares to a group of institutional backers, including Pantera Capital, ParaFi, FalconX, and Phoenix Capital.

Sharps Technology pivots from medical devices to Solana

The Company’s newly appointed Chief Investment Officer and Board member, Alice Zhang, stated that the decision to back Solana comes from the network’s performance. Namely, Solana offers low-cost settlements for a broad range of use cases, which is attractive to institutions.

Sharps Technology, a medical device and pharmaceutical packaging firm, is just one of the companies that is pivoting to become a treasury firm. On the same day of its pivot, Galaxy, Jump, and Multicoin have teamed up to buy $1 billion of Solana tokens.